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CSX Corporation is an American holding company focused on rail transportation and real estate in North America, among other industries. The company was established in 1980 as part of the Chessie System and Seaboard Coast Line Industries merger.
CSX is one of the nation’s largest railroads, operating trains on more than 20,000 miles (32,000 kilometers) of track in 23 Eastern states and two Canadian provinces.
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CSX began operating its trains on its portion of the Conrail network on June 1, 1999. CSX now serves much of the Eastern United States, with a few routes into nearby Canadian cities. The two competitors were unwilling to give one company full control of busy industrial areas in Detroit, Philadelphia, and northern New Jersey (the Chemical Coast).
CSX Corporation (NASDAQ:CSX) outperformed the Railroads industry on the basis of its ROE – producing a higher 40.33% relative to the peer average of 12.64% over the past 12 months.Read More...
Mellon was the chief financier in the 1977 formation of Guilford Transportation Industries (GTI), [11] a holding company named for his native Guilford, Connecticut.In 1981, GTI purchased the Maine Central Railroad from U.S. Filter Corporation, adding the Boston & Maine and Delaware & Hudson railroads in 1983 and 1984, respectively.
CSX's fourth quarter profit slipped 13%, but the railroad hauled slightly more freight and kept its trains running smoothly. The volume of shipments the railroad delivered rose 1% even with all ...
Following approval by the Surface Transportation Board, CSX and NS took control in August 1998, and on June 1, 1999, began operating their respective portions of Conrail. The old company remains a jointly-owned subsidiary, with CSX and NS owning respectively 42% and 58% of its stock, corresponding to how much of Conrail's assets they acquired.