Providence and Worcester Railroad Company Announces Acquisition
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
/CONTACT: Heidi J. Eddins of Providence and Worcester Railroad Company, 508-755-4000, ext. 365/
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
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|Date:||Sep 17, 1997|
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