BNSF
has reached a tentative agreement with the Brotherhood of Locomotive Engineers
and Trainmen to settle wage and work rule matters concerning BNSF’s locomotive
engineers for the major round of collective bargaining that will begin Jan. 1,
2010.
It’s been decades since
select ground just east of Floyd Boulevard in Sioux City, Iowa, was exposed to
sun and other elements, the Sioux City Journal reports. Now, the area is being
laid bare by workers moving southward, pulling out old railroad spikes and
prying up the steel track.
CSX Transportation is the
first transportation provider selected to join the Maryland Green Registry, a
voluntary self-certification program that promotes and recognizes sustainable
practices by organizations throughout the state.
Track maintenance on the
Washington, D.C., Metro Orange, Blue and Yellow lines Nov. 6-8 will cause
inbound and outbound trains to take turns sharing one track. Customers should
add 30 minutes to their trips.
CN, North America’s largest
mover of forest products, is on track to haul more than 800,000 tons of wood
pellets this year and sees more opportunities in the future for this
"green" source of heating energy.
Beneath a busy interchange
on top of the highest point in Tysons Corner, Va., crews are mining a tunnel
that will carry the Dulles Corridor Metrorail tracks from Route 123 to Route 7.
Working two 12-hour shifts per day, crews began tunnel construction, using the
New Austrian Tunneling Method to mine the first of two tunnels, the outbound
segment. Construction will start on the inbound tunnel in the coming months.
As part of Réno-Systèmes,
its asset maintenance program for stationary equipment in the métro, the Société
de transport de Montréal is undertaking the construction of a new mechanical
ventilation station to replace the existing one.
Utah Transit Authority in
the Salt Lake City area is scheduled to place the final girder on the new West
Valley TRAX bridge over Union Pacific’s Roper Yard Nov. 5. The bridge is the
largest single structure on the West Valley TRAX line and its completion is an
important milestone on the project. The West Valley TRAX Line will extend TRAX
service from 2100 South Central Pointe station on the North-South TRAX line
southwest to West Valley City Hall.
Barrington and Aurora,
Ill., officials met separately Nov. 4 with new Surface Transportation Board
Chairman Dan Elliott, a day after he toured the EJ&E rail line with
representatives of its new owner, Canadian National, the Daily Herald reports.
Construction work is
finished on the railroad tracks that will carry freight trains through Novato,
Calif. Now the tracks need to be inspected, and then freight trains are
expected to start rolling by March 2010, the Novato Advance reports. Meanwhile,
planning and design work is under way for the Sonoma-Marin Area Rail Transit
(SMART) commuter train, and construction work should start in 2011.
INVISTA, a global
manufacturer of chemical intermediates, polymers and fibers, and CSX
Transportation celebrated the expansion of rail tracks and other infrastructure
in a ceremony today at INVISTA’s Spartanburg, S.C., plant. The capital
investment will result in increased efficiency and improved customer service.
Despite the national meager
economic outlook, Levelland, Texas is on the right track for big business.
Literally. After voting unanimously just over one year ago to commit $1.5
million to build an Industrial Rail Park in the 12,866-population town, the
Levelland Economic Development Corporation’s vision has begun to be realized.
On November 5, BART will
release its Draft Program Environmental Impact Report for an extension between
the Dublin/Pleasanton Station and the City of Livermore, Calif. The goal of
extending BART to Livermore is to increase mobility to, from and through the
Tri-Valley region. As added benefits, a new station in Livermore would reduce
transportation-related greenhouse gas and air pollution emissions; improve
community livability and reduce congestion on the I-580 corridor. The DPEIR
evaluates alignment options, environmental impacts and mitigation measures for
extending BART to Livermore. BART is seeking public comment on the Livermore
extension and its proposed alignments.
Public safety around
railroad operations is best promoted when there is participation from everyone
involved. In public-private partnerships with Operation Lifesaver, the
Mississippi Department of Transportation and the Louisiana Department of
Transportation and Development, The Kansas City Southern Railway Company is
doing its part to promote safety at public grade crossings for motorists,
pedestrians and the railroad operation.
(The following opinion
article, "Rail upgrade needed for passenger service, not freight,"
was written by Joseph Bateman and appeared Nov. 4, 2009, in the Springfield,
Ill., State Journal-Register. Bateman is vice president for public affairs of
Union Pacific.)
Contrary to the headline
and opinions expressed in the Oct. 25 article "High-speed rail spending to be a
boon to freight rail companies," Union Pacific does not need for its freight
operations the improvements contained in IDOT’s proposal for high-speed
passenger service in the St. Louis-to-Chicago corridor.
Work crews with heavy
equipment were busy Nov. 3 repairing the historic Piedmont & Northern Railroad
off of Ozark Avenue in Gastonia, but while the restoration of the rail line is
moving ahead, the project’s bottom line still has obstacles to overcome,
according to the Gaston Gazette.
The South Shore is
extending its temporarily bus busing of passengers between South Bend and
Michigan City, Inc., including Hudson Lake, through Friday, November 6 due to
further flooding problems at the Galena River project.
The city
of Neosho, Mo., has no recourse other than to close two railroad crossings,
City Attorney Steve Hays told the council Nov. 3, The Neosho Daily News reports.
Mayor Pro Tem Richard Davidson asked the council to authorize Hays to speak
to the Missouri Department of Transportation and Kansas City Southern Railway
Company to see what alternatives there were, if any, to closing crossings at
Daugherty Road and Park Street. Essentially, Hays told the council that they
had no alternatives.
Amtrak is launching a
newly designed Amtrak.com, with a number of features to make it even easier for
customers to book tickets online. The enhanced Web site has a fresh new look
and feel with updated and reorganized content and functionality.
The boards of directors of Berkshire Hathaway Inc. and Burlington Northern Santa Fe Corporation have entered into an agreement for Berkshire Hathaway to acquire for $100 per share in cash and stock the remaining 77.4 percent of outstanding BNI shares not currently owned to increase its holdings to 100 percent. Based on the number of outstanding BNI shares (including shares currently owned by Berkshire) on Nov. 2, 2009, the transaction is valued at approximately $44 billion, including $10 billion of outstanding BNSF debt, making it the largest acquisition in Berkshire Hathaway history.
"Our country’s future prosperity depends on its having an efficient and well-maintained rail system," said Warren E. Buffett, Berkshire Hathaway chairman and chief executive officer. "Conversely, America must grow and prosper for railroads to do well. Berkshire’s $34 billion investment in BNSF is a huge bet on that company, CEO Matt Rose and his team, and the railroad industry.
"Most important of all, however, it’s an all-in wager on the economic future of the United States," said Mr. Buffett. "I love these bets."
"We are thrilled to have the opportunity to become a part of the Berkshire Hathaway family," said Matthew K. Rose, Burlington Northern Santa Fe chairman, president and chief executive officer. "We admire Warren’s leadership philosophy supporting long-term investment that will allow BNSF to focus on future needs of our railroad, our customers and the U.S. transportation infrastructure. This transaction offers compelling value to our shareholders and is in the best interests of all of our constituents including our customers and employees."
Terms of the Transaction
The definitive agreement provides that each share of BNI common stock will at the election of the shareholder be converted into the right to receive either (i) a cash payment of $100.00 or (ii) a variable number of shares of Berkshire Hathaway Class A or Class B common stock, subject to proration if the elections do not equal approximately 60 percent in cash and 40 percent in stock. The stock component of the consideration is subject to a "collar" whereby the value of each Berkshire Hathaway share received is fixed at $100.00 if the price of Berkshire Hathaway Class A stock at closing is between approximately $80,000.00 and approximately $125,000.00 per share. If the value of Berkshire Hathaway Class A stock is outside of this collar range at closing, then the number of shares received of Berkshire Hathaway Class A stock will be fixed at either 0.001253489 per BNI share for values below the collar range, or 0.000802233 per BNI share for values above the collar range. The shareholder may receive Class A or, in lieu of fractional Class A shares, equivalent economic value of Class B Berkshire Hathaway shares, subject to certain limitations as described in the definitive agreement.
The transaction requires approval by holders of two-thirds of BNI’s outstanding shares (other than shares held by Berkshire Hathaway), and customary closing conditions, including Department of Justice review. Closing is expected to occur during the first quarter of 2010.
BNSF Railway Company will continue to focus on providing outstanding service to its customers from its Fort Worth, TX headquarters. Included in the transaction are all assets and subsidiaries of BNSF.
