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Rail News: M&A
10/31/2008
Rail News: M&A
CPR assumes control of DM&E, IC&E
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The United States’ largest regional is now a part of Canadian Pacific Railway. Yesterday, the Class I assumed operational control of the Dakota, Minnesota & Eastern Railroad Corp. (DM&E), as well as its subsidiaries the Iowa, Chicago & Eastern Railroad Corp. (IC&E) and Cedar American Rail Holdings.
The Surface Transportation Board (STB) approved CPR’s acquisition of the DM&E on Sept. 30 and instituted a 30-day administrative period so registered participants could file final requests for information, clarification or conditions. Yesterday, the STB confirmed its decision, completing the acquisition process.
"We acquired the DM&E and IC&E railroads because of the opportunity for sustained double-digit top-line growth,” said CPR President and Chief Executive Officer Fred Green in a prepared statement. "The DM&E's speed to market, operational efficiency and organic growth reinforces our confidence in the strength and potency of this acquisition.”
The 2,500-mile DM&E interchanges with all seven Class Is and connects with CPR in Minneapolis and Winona, Minn., and Chicago. The DM&E and 1,400-mile IC&E operate in Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, Wisconsin and Wyoming.
During the next three years, CPR plans to spend $300 million to upgrade the DM&E’s and IC&E’s networks
"We look to start building on the improvements the DM&E has already made in operating efficiency and safety," said CPR Executive Vice President and Chief Financial Officer Kathryn McQuade.
The Surface Transportation Board (STB) approved CPR’s acquisition of the DM&E on Sept. 30 and instituted a 30-day administrative period so registered participants could file final requests for information, clarification or conditions. Yesterday, the STB confirmed its decision, completing the acquisition process.
"We acquired the DM&E and IC&E railroads because of the opportunity for sustained double-digit top-line growth,” said CPR President and Chief Executive Officer Fred Green in a prepared statement. "The DM&E's speed to market, operational efficiency and organic growth reinforces our confidence in the strength and potency of this acquisition.”
The 2,500-mile DM&E interchanges with all seven Class Is and connects with CPR in Minneapolis and Winona, Minn., and Chicago. The DM&E and 1,400-mile IC&E operate in Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, Wisconsin and Wyoming.
During the next three years, CPR plans to spend $300 million to upgrade the DM&E’s and IC&E’s networks
"We look to start building on the improvements the DM&E has already made in operating efficiency and safety," said CPR Executive Vice President and Chief Financial Officer Kathryn McQuade.
