Printer Friendly

Providence and Worcester Railroad Company Announces Acquisition

WORCESTER, Mass., Sept. 17 /PRNewswire/ -- Providence and Worcester Railroad Company (Amex: PWX) and Connecticut Central Railroad Company (CCCL) announced today that they have executed a letter of intent for the acquisition by P&W of all of the outstanding stock of CCCL. CCCL is a freight railroad with current operations over approximately 17 miles of rail properties owned by the State of Connecticut in and around Middletown, Connecticut pursuant to a long term agreement with the State. CCCL also possesses freight rights on a 12 mile line extending from Cromwell, CT to Hartford, CT which is currently out of service. In 1996 CCCL handled approximately l,100 carloads of freight. CCCL connects with P&W's rail system in Wallingford, Connecticut and also operates on a P&W line between Wallingford and New Haven, Connecticut.

Orville R. Harrold, President of P&W, said "The acquisition of Connecticut Central Railroad is a strategic transaction for P&W and is in keeping with the Company's policy of pursuing growth opportunities with connecting lines."

A spokesperson from CCCL, said, "The transaction represents confidence in the operations of Connecticut Central."

The financial terms of the transaction have not been disclosed.

P&W is a regional freight railroad operating over 520 miles in Massachusetts, Rhode Island, Connecticut and New York. In 1996, P&W handled 27,200 carloads and 39,700 intermodal containers.

The transaction is contingent upon the approval of a definitive purchase agreement by the Board of Directors of P&W and CCCL and approval of the United States Surface Transportation Board.

SOURCE Providence and Worcester Railroad Company
 -0- 09/17/97


/CONTACT: Heidi J. Eddins of Providence and Worcester Railroad Company, 508-755-4000, ext. 365/

(PWX)

CO: Providence and Worcester Railroad Company; Connecticut Central Railroad

Company ST: Rhode Island, Massachusetts, Connecticut, New York IN: TRN SU: TNM

KR-VV -- NEW037 -- 7934 09/17/97 16:37 EDT http://www.prnewswire.com
COPYRIGHT 1997 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 17, 1997
Words:316
Previous Article:Crystal Cruises Voted Best Large-Ship Cruise Line in Conde Nast Traveler 1997 Readers' Choice Poll
Next Article:ASA International Ltd. Named to VARBusiness 500
Topics:

Terms of use | Copyright © 2015 Farlex, Inc. | Feedback | For webmasters