Illinois Central to buy Chicago, Central & Pacific (February 1996)
2/5/2023Illinois Central Corp. has agreed to purchase the Chicago, Central & Pacific Railroad and the Cedar River Railroad from CCP Holdings Inc. for $139 million plus $18 million of capitalized lease operations.
Once part of IC’s predecessor Illinois Central Gulf, these railroads make up a Class II freight system that operates 850 miles of road, generating annual revenue of about $76 million with a 70 percent operating ratio.
“By year-end 1999, we believe CCP’s own growth plus revenue synergies could be contributing $85 million to $90 million of annual revenue to IC’s growth plan,” says IC President and CEO E. Hunter Harrison.
Source: The February 1996 issue of Progressive Railroading