Genesee & Wyoming Inc. (“GWI”) (NYSE: GWR) today announced that the U.S. Surface Transportation Board ("STB") has approved its application to control RailAmerica, Inc., and the RailAmerica railroads (collectively, “RailAmerica”), effective December 28, 2012. Assuming no stay requests are made by the December 24, 2012 deadline set by the STB, the voting trust that has controlled RailAmerica since the transaction closed on October 1, 2012 is expected to be dissolved on December 28, 2012. Thereafter, GWI would assume control of RailAmerica and begin integration of the two companies.
GWI owns and operates short line and regional freight railroads and provides railcar switching services in the United States, Australia, Canada, the Netherlands and Belgium. In addition, GWI operates the Tarcoola to Darwin rail line, which links the Port of Darwin with the Australian interstate rail network in South Australia. Operations currently include 66 railroads organized in 10 regions, with more than 7,600 miles of owned and leased track and approximately 1,400 additional miles under track access arrangements. We provide rail service at 23 ports in North America, Australia and Europe and perform contract coal loading and railcar switching for industrial customers. On October 1, 2012, GWI consummated the acquisition of RailAmerica, Inc. Immediately following the acquisition, control of RailAmerica was placed into a voting trust.
RailAmerica, Inc. owns and operates short line and regional freight railroads in North America, operating a portfolio of 45 individual railroads with approximately 7,500 miles of track in 28 U.S. states and three Canadian provinces.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.