CHICAGO — CN has completed construction of the first major rail connection built as part of the continuing integration of the Elgin, Joliet and Eastern Railway Company (EJ&E) that, when all connections are constructed, will enhance the fluidity of train movements along CN routes in the greater Chicago area, the railroad said.
PITTSBURGH — L.B. Foster Co. and Portec Rail Products Inc. announced that the Department of Justice has issued their final approval of and entered into an agreement with L.B. Foster and Portec relating to L.B. Foster’s acquisition of Portec and the sale of certain assets related to Portec’s rail joint business primarily located at Portec’s Huntington, W.Va., plant.
PITTSBURGH — On Feb. 16, L.B. Foster Co. and its wholly owned subsidiary, Foster Thomas Company, entered into an Agreement and Plan of Merger with Portec Rail Products, Inc. Pursuant to the merger agreement, L.B. Foster, through its subsidiary, commenced a tender offer for all of Portec’s common stock at a price of $11.71 per share. The tender offer currently is set to expire on July 30 and is subject to all necessary antitrust clearances under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. L.B. Foster on June 28 announced that the Court of Common Pleas of Allegheny County, Penn., has
GREENWICH, Conn. — Genesee & Wyoming Inc. said it has signed an agreement to acquire the assets of FreightLink Pty Ltd, Asia Pacific Transport Pty Ltd and related corporate entities $277.2 million, plus the assumption of debt with a carrying value of $1.4 million. In addition, GWI expects to incur transaction-related expenses of $19.1 million, principally related to the payment of stamp duty (an Australian asset transfer tax). The acquisition of FreightLink is contingent upon customary closing conditions, including the receipt of certain governmental approvals. GWI expects to close the acquisition and to commence operations in the fourth quarter of