FREIGHTLINER TO BE SPLIT FROM GENESEE & WYOMING
Published at 20:01 on Wednesday 3rd April 2024
Tags: Genesee & Wyoming, Freightliner, Intermodal
Carrying the latest G&W colour scheme, Class 66/4 No. 66415 passes Ipswich with a Freightliner intermodal service. Keith Partlow
Changes are to be made to Freightliner in the UK and Europe, with the organisation being split off from Genesee & Wyoming Inc (G&W), but there will be no change in ownership.
A G&W spokesperson told Railway Herald that the company was planning to refinance its debt and “enhance the flexibility of credit terms” and as part of that work, the North American and UK/Europe companies are to separated into two ‘sister’ businesses. The decision appears to be purely based around achieving the best finance terms in the current business climate.
It is understood that following the separation, the North American companies will continue to operate as subsidiaries of Genesee & Wyoming Inc, being led by CEO Michael Miller, while the companies in the UK and Europe, will operate as subsidiaries of Freightliner Group Limited, led by Tim Shoveller, who will continue to be the CEO. G&W stressed that each business will continue to be owned by Brookfield Infrastructure and GIC, a Singaporean Sovereign Wealth Fund, which between them purchased Genesee & Wyoming Inc for $8.4 billion in July 2019.
Prior to this, G&W acquired 95% of Freightliner Group in early 2015, and in 2008 had purchased Rotterdam Rail Feeding, which provides a variety of services including ‘last mile’ rail operations for a number of customers within the Port of Rotterdam.
The move may be part of a bigger aspiration for the organisation and it is understood that a rebranding is likely to take place in due course.
