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After more than 10 years as Tranz Rail Ltd., New Zealand's freight and passenger railroad company has a new name — Toll NZ Consolidated. Earlier this month, Toll Group Ltd. changed the railroad's name to reflect its ownership. Toll Holdings assumed control of Tranz Rail in October.

The freight railroad is now called Toll Rail, but the passenger railroad still is named Tranz Metro. Toll also changed the name of Tranz Rail's freight forwarding and distribution arm from Tranz Link to Toll Tranz Link.

"[The change] allows the marketplace to more readily identify the group of companies with its major shareholder," said Tranz Rail Chief Executive Officer David Jackson in a prepared statement.

In 1993, Tranz Rail purchased New Zealand Rail from New Zealand's government.