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Pan Am Systems
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Pan Am Systems
Pan Am Systems was a privately held Portsmouth, New Hampshire-based Florida corporation composed of rail transport, manufacturing, energy, transportation, and real estate divisions. It formerly held a airline division.
In 2020, CSX Corporation agreed to buy Pan Am Systems, a deal that went through in 2022 after it received regulatory approval by the Surface Transportation Board. On June 1, 2022, CSX began operating Pan Am Systems and its Pan Am Railways; also, Pan Am Systems was merged into a temporary subsidiary of CSX which will eventually merge into CSX.
Guilford Transportation Industries (GTI) was formed in 1981. GTI entered the railroad business in 1981 with its purchase of the Maine Central Railroad Company from U.S. Filter Corporation. This was followed by its 1983 purchase of the Boston & Maine Railroad, and in 1984 it purchased the Delaware and Hudson Railway (D&H). In 1988, GTI declared D&H bankrupt. Francis DiCello, an appointed bankruptcy trustee, oversaw the estate while the New York, Susquehanna & Western Railway managed it employing the D&H workforce. Susquehanna's management expired in early 1990 and the trustee managed it directly until selling in 1991 to the Canadian Pacific Railway.
GTI purchased the name, colors, and logo of Pan American World Airways in 1998 and Pan Am Systems was established that same year. In March 2006, GTI changed its name to Pan Am Railways.
The company was privately owned by Timothy Mellon, an heir to the Mellon banking fortune, and several other stakeholders including former Penn Central employee David Fink and son David A. Fink.
In July 2020, Pan Am Systems was put up for sale. On November 30, 2020, an agreement was announced for CSX Corporation (parent company for CSX Transportation) to acquire Pan Am Systems. Norfolk Southern expressed concern about possible impacts on competition. The sale was proposed as follows: CSX will own and operate between Mattawamkeag, ME and Ayer, MA. Between Ayer and Rotterdam, NY, Genesee and Wyoming Rail will be the operating party. This means the track will be owned by CSX, but CSX will not dispatch it. Also, Norfolk Southern will keep its 49% stake in Pan Am Southern (PAS). With the sale, the intermodal traffic between Mechanicville and Ayer will be re-routed over the B&A to Worcester, MA. From there the traffic will come up the Worcester main and into Ayer Yard.
On March 25, 2021, after numerous letters questioning CSX's acquisition of Pan Am Railways parent Pan Am Systems from the Massachusetts Bay Transportation Authority, the Massachusetts Department of Transportation, the Commonwealth of Massachusetts, Vermont Rail System, as well as many other local political figures and community leaders from other New England states, the Surface Transportation Board ruled the acquisition as "Significant" meaning that a more rigorous review process would be necessary.
On April 30, 2021, CSX submitted a 478-page plan of purchase outlining a broad range of topics, from implementations of track upgrades to the controversial issue of Norfolk Southern intermodal routing, as well as the fate of Pan Am's hodgepodge fleet of aging motive power, which is made up of EMD and GE locomotives from railroads such as Conrail, NS, CSX, the Milwaukee Road, and Kansas City Southern.
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Pan Am Systems
Pan Am Systems was a privately held Portsmouth, New Hampshire-based Florida corporation composed of rail transport, manufacturing, energy, transportation, and real estate divisions. It formerly held a airline division.
In 2020, CSX Corporation agreed to buy Pan Am Systems, a deal that went through in 2022 after it received regulatory approval by the Surface Transportation Board. On June 1, 2022, CSX began operating Pan Am Systems and its Pan Am Railways; also, Pan Am Systems was merged into a temporary subsidiary of CSX which will eventually merge into CSX.
Guilford Transportation Industries (GTI) was formed in 1981. GTI entered the railroad business in 1981 with its purchase of the Maine Central Railroad Company from U.S. Filter Corporation. This was followed by its 1983 purchase of the Boston & Maine Railroad, and in 1984 it purchased the Delaware and Hudson Railway (D&H). In 1988, GTI declared D&H bankrupt. Francis DiCello, an appointed bankruptcy trustee, oversaw the estate while the New York, Susquehanna & Western Railway managed it employing the D&H workforce. Susquehanna's management expired in early 1990 and the trustee managed it directly until selling in 1991 to the Canadian Pacific Railway.
GTI purchased the name, colors, and logo of Pan American World Airways in 1998 and Pan Am Systems was established that same year. In March 2006, GTI changed its name to Pan Am Railways.
The company was privately owned by Timothy Mellon, an heir to the Mellon banking fortune, and several other stakeholders including former Penn Central employee David Fink and son David A. Fink.
In July 2020, Pan Am Systems was put up for sale. On November 30, 2020, an agreement was announced for CSX Corporation (parent company for CSX Transportation) to acquire Pan Am Systems. Norfolk Southern expressed concern about possible impacts on competition. The sale was proposed as follows: CSX will own and operate between Mattawamkeag, ME and Ayer, MA. Between Ayer and Rotterdam, NY, Genesee and Wyoming Rail will be the operating party. This means the track will be owned by CSX, but CSX will not dispatch it. Also, Norfolk Southern will keep its 49% stake in Pan Am Southern (PAS). With the sale, the intermodal traffic between Mechanicville and Ayer will be re-routed over the B&A to Worcester, MA. From there the traffic will come up the Worcester main and into Ayer Yard.
On March 25, 2021, after numerous letters questioning CSX's acquisition of Pan Am Railways parent Pan Am Systems from the Massachusetts Bay Transportation Authority, the Massachusetts Department of Transportation, the Commonwealth of Massachusetts, Vermont Rail System, as well as many other local political figures and community leaders from other New England states, the Surface Transportation Board ruled the acquisition as "Significant" meaning that a more rigorous review process would be necessary.
On April 30, 2021, CSX submitted a 478-page plan of purchase outlining a broad range of topics, from implementations of track upgrades to the controversial issue of Norfolk Southern intermodal routing, as well as the fate of Pan Am's hodgepodge fleet of aging motive power, which is made up of EMD and GE locomotives from railroads such as Conrail, NS, CSX, the Milwaukee Road, and Kansas City Southern.
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