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| Breaking News Cp Puts Delaware And Hudson South End For Sale | |
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| Topic Started: October 2 2014, 06:29 PM (223 Views) | |
| NYSW3636 | October 2 2014, 06:29 PM Post #1 |
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BREAKING NEWS! From Railfan & Railroad: Canadian Pacific announces sale of Delaware & Hudson at investors meeting October 2nd, 2014 Canadian Pacific's president and chief executive officer Hunter Harrison announced an agreement to sell Delaware & Hudson Railway to an unnamed party at its annual investors meeting in White Plains, New York, today. While the details of the sale were not revealed at the meeting, Harrison outlined an aggressive program to reduce operating costs and increase shipment velocity and train length. While CP has reduced its workforce and closed facilities, the railroad's stock price has nearly tripled since Harrison and his new management team took over in 2012. According to Bloomberg News, CP will continue to aggressively market its intermodal business and crude oil transport opportunities. It was also announced that Harrison's contract will be extended through 2017. —Railfan & Railroad Sale limits are going from Saratoga Springs NY to the NS interchange at CP KASE potential buyers include G&W NS CN and many small investors Trains Mag has made a release http://trn.trains.com/news/news-wire/2014/10/harrison-cp-has-agreement-to-sell-delaware--hudson Home/News/News Wire/Harrison: CP has agreement to sell Delaware & Hudson Share your thoughts on this article7Email this article to a friendTweet this on TwitterShare this on Facebook Harrison: CP has agreement to sell Delaware & Hudson October 2, 2014 RELATED TOPICS: CLASS 1 FREIGHT RAILROADS | CANADIAN PACIFIC | GENERAL NEWS DH7312 Amanda Oakes WHITE PLAINS, N.Y. – At a meeting to address analysts and investors in White Plains, Canadian Pacific CEO E. Hunter Harrison said the railroad has an agreement to sell its Delaware & Hudson Railway, Bloomberg reports. He did not elaborate and said he was not at liberty to disclose the buyer. However, industry observers believe that the leading candidate for the purchase is Norfolk Southern. CP purchased D&H for $25 million in January 1991 and assumed all operations of the railroad. The D&H connects New York State with Montreal and New England. In the Conrail era it expanded into New Jersey and as far south as Virginia. Its name dates to 1823, and the railroad called itself “North America’s oldest continually operated transportation company.” CP still operates it as a subsidiary. In addition to his remarks about the future of the D&H, Harrison, 69, says he will probably retire in 2016, and said he’s “running out of time” to make changes at the railroad. Harrison has already exceeded the 4,500-job-reduction goal he outlined at Canadian Pacific’s last investor day, in December 2012. Including consultants and contractors, the railroad employed 14,960 people as of June 30, or 4,540 fewer than the 19,500 Canadian Pacific had two years earlier. Harrison predicted in 2012 that the company would reach the target by 2016 as its operating ratio dropped to the “mid-sixties.” Edited by NYSW3636, October 2 2014, 06:31 PM.
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2:18 PM Jul 11