Genesee and Wyoming Inc

Infobox Company
name = Genesee and Wyoming Inc

type = Public
genre =
foundation = 1899
founder = Edward Laton Fuller
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location = Greenwich, Connecticut
origins =
key_people =
area_served = United States, Canada, Mexico, Bolivia, Australia, Netherlands
industry = Short line and regional railroad freight
products =
services =
revenue =
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num_employees =
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slogan =
homepage =http://www.gwrr.com/
dissolved =
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Genesee and Wyoming Inc is a freight railroad operator that owns or maintains interests in 47 railroads throughout six countries (the United States, Canada, Mexico, Bolivia, Australia, and Netherlands), and operates more than convert|5700|mi|km of owned and leased track, with an additional more than convert|3500|mi|km under track-access arrangements. [http://www.gwrr.com/ GWI Worldwide - Who We Are] ] The company had its roots in the Class III Genesee and Wyoming Railroad reporting mark|GNWR began in 1894.

History

ingle railroad

Genesee & Wyoming Inc. was founded more than a century ago as a single, convert|14.5|mi|km|adj=on railroad transporting salt from a family-owned mine in western New York. The track was purchased by Edward Laton Fuller in 1899 and served to transport salt from Greigsville through Retsof to Caledonia. Over time, the G&W connected with the Delaware, Lackawanna and Western Railroad, Lehigh Valley Railroad, Erie Railroad, New York Central Railroad and Buffalo, Rochester and Pittsburgh Railroad.

Within ten years of Fuller's purchase, the G&W included a fledgling passenger division. It carried some convert|10000|ST|t of local products annually, including hay, grain, apples, beans, cabbages and lumber to connecting lines, along with approximately convert|221300|ST|t of salt. In 1910, the railroad brought in convert|1500|ST|t of mining equipment along with convert|7000|ST|t of coal and convert|1470|ST|t of manufactured goods, including furniture, clothing, food and musical instruments for delivery to the Retsof Mining Company Store.

In 1917, in the shadow of World War I, President Woodrow Wilson took control of some 800 short line railroads and convert|35000|mi|km of track in the U.S. During the highly regulated years that followed, the G&W found itself hauling thousands of tons of salt for the war effort. It was used for salted meats during World War I and, during World War II, not only for food but also for use in rubber tires, iron ore, bleaching materials and anti-knock additives for gasoline.

By 1977, the Genesee and Wyoming had helped the International Salt Co. grow into a major corporation, with the Retsof Mine becoming the largest salt mine in the world. However, the railroad remained highly dependent on a single commodity and one primary shipper. In addition, the bankrupt Northeast rail system was facing a questionable future. Many began to wonder if a rail system, which had been taken over by the USRA, could be returned to the private sector.

Mortimer B. Fuller III, the great-grandson of Edward L. Fuller, acquired control of the railroad, and a few years later Congress passed the Staggers Act of 1980. The Act deregulated railroads and allowed them to dispose of routes they could not operate profitably, helping them restore their financial health. Acquiring these rail lines fit into Fuller's plan reduce Genesee and Wyoming's dependence on a single customer.

Expansion

Between 1982 and 1996, Genesee and Wyoming acquired 14 railroads with operations in New York, Pennsylvania, Louisiana, Oregon and Illinois. In 1996, the company added an industrial switching company that operated in more than a dozen states.

Many governments began stemming their losses in the operation of public utilities and railroads through privatization. For expertise, they turned to the United States which, along with Canada, had the only broad-based, private freight rail systems in the world. Through acquisitions and joint ventures, Genesee and Wyoming added railroads in Canada, Australia, Mexico and Bolivia.

In July 2003, the Carolina Coastal Railway, operated by G&W subsidiary Rail Link, Inc., was sold to Main Line Rail Management, Inc.

On May 26, 2005, G&W announced that it has agreed to purchase the railroad operations of Rail Management Corporation (RMC). G&W paid $243 million in cash and assume $1.7 million in company debt to gain control of 14 short line railroads from RMC across the southeastern United States, as of June 1, 2005. [Genesee and Wyoming, Inc. (May 26, 2005), " [http://www.gwrr.com/features/gwi_aquisition05262005.html Genesee & Wyoming Announces Agreement to Acquire Short Line and Port Railroads from Rail Management Corporation] ". Retrieved May 27 2005.] [Trains News Wire (May 26, 2005), " [http://www.trains.com/Content/Dynamic/Articles/000/000/005/949ntchy.asp G&W to acquire Rail Management Corp. rail operations] ". Retrieved May 27 2005.]

As of the close of 2005, Genesee and Wyoming had 2,330 employees in North America.

That year, Hurricane Stan wiped out several miles of Genesee & Wyoming track in Mexico. In 2006, the Mexican government agreed to pay 75 percent of the rebuilding costs, or $15 million, to reconstruct the track.

On February 13 2006, G&W announced that it has sold its 50% share in operations (the other 50% was owned by Wesfarmers Ltd.) of the Australian Railroad Group (ARG) in Western Australia to Queensland Rail (QR) and Babcock and Brown (B&B). The deal, valued at $974 million (A$1.55 billion), splits the holdings between operations and infrastructure elements with QR purchasing the above-rail operations and B&B purchasing the below-rail infrastructure. In a concurrent deal, G&W purchased Westfarmer's share of ARG in South Australia for $15 million (A$22 million), which was renamed Genesee and Wyoming Australia Pty Ltd and is operated as a subsidiary company of G&W. [cite press release| publisher=Genesee & Wyoming, Inc.| date=February 13 2006| url=http://phx.corporate-ir.net/phoenix.zhtml?c=64426&p=irol-newsArticle&ID=816539&highlight=| title=Genesee & Wyoming Agrees to Sell Western Australia Operations and Certain Other Assets of the Australian Railroad Group for A$1.3 Billion (US$956 million)| accessdate=2006-02-14| ]

Also in 2006, Genesee & Wyoming elected to write off most of the value of its Bolivian operation, on fears that the Bolivian government would soon nationalize privately held railroads there.

ubsidiaries

Rail Link, Inc. reporting mark|RLIX, a subsidiary of Genesee & Wyoming Inc., provides industrial switching and related customer logistics services. Rail Link, headquartered in Jacksonville, Florida, serves industrial customers at 30 locations in 11 states and operates 26 short line railroads (including the Commonwealth Railway, Louisiana and Delta Railroad, and Yorkrail). Rail Link railroads serve 10 major U.S. ports.

Holdings

The parent company, Genesee and Wyoming, Inc., directly owns controlling interests in the following railroads:
* Buffalo and Pittsburgh Railroad
* Columbus and Greenville Railway
* Empresa Ferroviaria Oriental in Bolivia ( [http://www.gwrr.com/default.cfm?action=rail&section=3B10a Empresa Ferroviaria Oriental, S.A.] [http://www.gwrr.com/default.cfm?action=rail&section=3B10a#spanish Empresa Ferroviaria Oriental, S.A.] )
* Ferrocarriles Chiapas-Mayab
* Illinois and Midland Railroad
* Ohio Central Railroad
* Portland and Western Railroad
* Rochester and Southern Railroad
* St. Lawrence and Atlantic Railroad, [http://www.gwrr.com/default.cfm?action=rail&section=3B6a#sla St. Lawrence & Atlantic Railroad (SL&A)]
* South Buffalo Railway
* Tazewell and Peoria Railroad
* Utah Railway
* Genesee and Wyoming Railroad

Through their subsidiary Genesee and Wyoming Canada, Inc., based in Montreal, Quebec:
* Huron Central Railway, [http://www.gwrr.com/default.cfm?action=rail&section=3B6a#Huron Huron Central Railway]
* Quebec Gatineau Railway (Chemins de Fer Québec-Gatineau)
* St. Lawrence and Atlantic Railroad (Québec), [http://www.gwrr.com/default.cfm?action=rail&section=3B6a#sla St. Lawrence & Atlantic Railroad (SL&A)]

Through their subsidiary GWI Australia Pty. Ltd. Adelaide, South Australia:
* Genesee and Wyoming Australia

Through their subsidiary Rail Link, Inc., based in Jacksonville, Florida:
* Arkansas, Louisiana and Mississippi Railroad
* Commonwealth Railway
* Corpus Christi Terminal Railroad
* Fordyce and Princeton Railroad
* Golden Isles Terminal Railroad
* Little Rock and Western Railroad
* Louisiana and Delta Railroad
* Savannah Port Terminal Railroad
* Talleyrand Terminal Railroad
* Yorkrail

References

External links

* [http://www.gwrr.com/ Genesee & Wyoming Inc.]
* [http://gold.mylargescale.com/Scottychaos/GW/ Dansville & Mount Morris - Genesee& Wyoming - Rochester & Southern Roster and Survivors page.]