Burlington Northern Santa Fe sells Washington rail line to RailAmerica Inc.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. & BOCA RATON, Fla.--(BUSINESS WIRE)--Sept. 9, 1996--The Burlington Northern Santa Fe (NYSE NYSE See: New York Stock Exchange :BNI) ("BNSF BNSF Burlington Northern Santa Fe Corporation (railroad) ") and RailAmerica Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :RAIL) Monday announced that BNSF has sold its Oroville line, a 131 mile rail line in north central Washington, to a RailAmerica Inc. subsidiary, Cascade and Columbia River Railroad The Cascade and Columbia River Railroad is a short line railroad that interchanges with Burlington Northern Santa Fe in Wenachee, WA and runs north to Oroville. The former Burlington Northern W-O Branch was purchased by the RailAmerica Corporation in September of 1996. Co. ("CCRR CCRR Co-Channel Rejection Ratio CCRR Child Care Resource and Referral, Inc. (Rochester, MN) CCRR Continuously Compounded Rate of Return CCRR Combat Crew Rest & Relaxation (USAF) "). Financing was provided by National Bank of Canada This article is about a commercial bank. For Canada's central bank, see Bank of Canada. National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. . Effective Monday, CCRR commenced operations of the Oroville line, with traffic on this line being interchanged at BNSF's Wenatchee yard. CCRR has established its general offices for the new railroad at Omak, Wash. The line, which extends from Wenatchee to Oroville, Wash., was offered for sale in April as part of BNSF's ongoing asset evaluation program. BNSF is considering the sale of approximately 4,000 miles of light-density lines over the coming years as part of this program. Since becoming a public company in 1992, RailAmerica has been actively pursuing the acquisition of rail lines throughout the United States and Canada. In commenting on the acquisition, Gary O. Marino, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RailAmerica, said: "This marks our first acquisition of a rail line in the west and our first rail line purchase from BNSF. We look forward to expanding our relationship with BNSF, one of North America's leading rail carriers, and we are looking forward to our partnership in providing rail freight service to this important region of Washington State. We are confident that we can significantly increase the traffic base on this line, which will benefit the local regional economy, by expanding markets for products originating on the CCRR with dependable, efficient long-haul services through BNSF." The CCRR marks the ninth railroad acquired and operated by RailAmerica, a multi-modal transportation company headquartered in Boca Raton. Including CCRR, RailAmerica owns shortline railroads totaling more than 600 route miles in Michigan, Tennessee, Pennsylvania, Delaware, Indiana, Texas, Minnesota, and now, Washington. The company also owns Kalyn/Siebert Inc., a specialty truck trailer manufacturer, and Steel City Carriers Inc., a Canadian-based motor carrier. BNSF owns the largest rail network in the United States, with more than 31,000 miles of line serving 27 states and two Canadian provinces. CONTACT: Burlington Northern Santa Fe, Fort Worth Jim Sabourin, 817/352-6412 or RailAmerica Inc., Boca Raton Gary O. Marino, Chairman, President & CEO 561/994-6015 |
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