PORTLAND, Maine — Pan Am Railways, owner of the rail lines that carry Amtrak's Downeaster train between Portland and Boston, will be acquired by Florida-based CSX Corporation pending federal review.
In a release announcing the sale, CSX said adding Pan Am's nearly 1,200-mile rail network across New England would expand its existing 23-state network.
Pan Am, the largest regional railroad system, owns rail lines from Saint John, New Brunswick, to Albany, New York.
The railroad, formerly known as Guilford Rail System, is privately owned and transports commodities including grain, coal and gravel, food, lumber, pulp and paper, chemical and plastics, petroleum, metals, and other products.
"We intend to bring CSX’s customer-centric focus and industry-leading operating model to shippers and industries served by Pan Am," CSX President and CEO James M. Foote said in the release. "We look forward to integrating Pan Am into CSX, with substantial benefits to the rail-served industries of the Northeast, and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond.”
Nate Moulton, director of freight and passenger services for the Maine Department of Transportation, told MainePublic the sale could be "very good" for Maine, but said outstanding questions include how CSX will handle the Downeaster trains.
“We have questions in that regard, making sure that service is protected and continues to run on time and efficiently," Moulton told MainePublic. "So, those are some of the things we need to talk to them about as we get into this process."
CSX invested nearly $1.5 billion in infrastructure in 2019, the company said.
The sale price was not disclosed.
The sale is subject to regulatory review and approval by the federal Surface Transportation Board.
