Year: 2008

WILMERDING, Pa. — Wabtec Corp. has signed a definitive agreement to acquire Standard Car Truck, a leading rail equipment supplier, for cash of about $300 million. Based in Park Ridge, Ill., Standard Car Truck has annual sales of about $225 million and manufactures engineered components for locomotives and freight cars. Wabtec expects the transaction to be completed in the fourth quarter and to be accretive in the first year. The transaction is subject to customary closing conditions and antitrust clearance under the Hart Scott Rodino Act. Wabtec plans to finance the transaction with proceeds from a new, $500 million credit

JACKSONVILLE, Fla. — Following a decision by the Second Circuit Court of Appeals in New York, CSX Corp.’s Board of Directors has invited TCI Group nominees Christopher Hohn and Timothy O’Toole to join the board immediately. Hohn and O’Toole would succeed Dr. William C. Richardson and Dr. Frank S. Royal, each of whom has resigned effective upon his successor taking office. “We are very pleased with the Court’s decision. We hope CSX will now acknowledge that four of our nominees were elected,” TCI said in a statement. “It is time for the entire duly elected Board, including Chris Hohn and

NORFOLK, Va. — Norfolk Southern Railway Company and the Brotherhood of Locomotive Engineers and Trainmen (BLET) have reached a new agreement that will continue to link engineer compensation to company performance through 2014. The BLET has participated in such a bonus program since 1996. The new agreement covers approximately 5,000 engineers and provides each engineer the opportunity for an annual bonus payment based on company financial and service performance metrics and, for the first time, his or her work availability in the previous year. Other highlights of the agreement include annual wage increases totaling 19 percent from 2009 through 2014,