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National railway giant CSX on track to purchcase Pan AM

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Pan Am Railways has agreed to its purchase by freight giant CSX. (Courtesy photo)

JACKSONVILLE, Fla. - CSX Corp. on Wednesday announced that it has signed a definitive agreement to acquire New England's Pan Am Railways, Inc., whose rail carrier subsidiaries comprise North America's largest regional railroad.

Headquartered in North Billerica, Mass., Pan Am owns and operates a highly integrated, nearly 1,200-mile rail network and has a partial interest in the more than 600-mile Pan Am Southern system.

Pan Am's network across New England has access to multiple ports and large-scale commodity producers. The transaction will expand CSX's reach in Connecticut, New York and Massachusetts while adding Vermont, New Hampshire and Maine to its existing 23-state network.

CSX made nearly $1.5 billion in infrastructure capital expenditures in its network in 2019, supporting economic growth and ensuring the safety and efficiency of the supply chain.

James M. Foote, president and chief executive officer of CSX said: "In Pan Am, CSX gains a strong regional rail network in one of the most densely populated markets in the U.S., creating new efficiencies and market opportunities for customers as we continue to grow."

David A. Fink, president of Pan Am Railways said, "Pan Am is pleased to reach this agreement with CSX, a North American leader in rail-based freight transportation. This is great news for New England shippers and the national freight network overall."

Terms of the transaction, which is subject to regulatory review and approval by the Surface Transportation Board, were not disclosed.

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