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Providence & Worcester makes deal with GATX
Topic Started: March 29 2009, 12:50 PM (136 Views)
mikeski
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Quote:
 
WORCESTER, Mass.--(Business Wire)--Providence and Worcester Railroad Company ("P&W"; AMEX: PWX) today
announced that pursuant to certain agreements between the Company and
GATX Corporation ("GATX"; NYSE: GMT), GATX has purchased 239,523
newly-issued shares of P&W's common stock, or approximately five
percent (5%) of its outstanding common stock, for $5,509,029.00. Under
the terms of the Stock Purchase Agreement, GATX will be entitled to
one seat on P&W's Board of Directors.

In addition, GATX has become P&W's exclusive provider of
substantially all of P&W's rail car needs. As part of these
arrangements, P&W and GATX have entered into various transactions
covering approximately 400 railcars of three major types.

P. Scott Conti, P&W's President, said, "We are excited about
GATX's involvement with P&W and, particularly, the potential growth
opportunities for the two organizations through this unique
partnership."

P&W is a regional freight railroad operating in the states of
Massachusetts, Rhode Island, Connecticut and New York. P&W transports
a wide variety of commodities, including automobiles, construction
aggregate, iron and steel products, chemicals, lumber, scrap metals,
plastic resins, cement, coal, construction and demolition debris,
processed foods and edible foodstuffs, such as frozen foods, corn
syrup and animal and vegetable oils. By agreement with a private
operator, P&W also operates two approved custom-bonded intermodal
yards in Worcester, MA, primarily for the movement of container
traffic from the Far East destined for points in New England.

This release contains "forward-looking statements" within the
meaning of section 21E of the Securities and Exchange Act of 1934, as
amended. These forward-looking statements represent the Company's
present expectations or beliefs concerning future events. The Company
cautions that such statements are necessarily based on certain
assumptions which are subject to risks and uncertainties, including,
but not limited to, changes in general economic condition, and
changing competition which could cause actual results to differ
materially from those indicated herein. Further information on these
risk factors is included in the Company's filings with the Securities
and Exchange Commission.

http://www.reuters.com/article/pressRelease/idUS188863+10-Jan-2008+BW20080110
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