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CSX history
CSX company history timeline
In 1978 Chessie proposed to the ICC a possible merger with the slightly larger southeastern railroad system, Seaboard Coast Line Industries Inc.
CSX Corporation was formed on November 1, 1980, by combining the railroads of the former Chessie System with Seaboard Coast Line Industries.
The latter was originally created in 1980 as a holding company for several subsidiaries.
Dorin, Patrick C., The Chesapeake and Ohio Railway, George Washington’s Railroad, Seattle: Superior Publishing Co., 1981.
Watkins was clearly the dominant figure, becoming chairman in 1982 on Osborn's retirement.
In 1982 all three merged to form the Seaboard System.
According to Trains Magazine, the Western Maryland was the first to disappear, merged into the B&O on May 1, 1983.
1983 CSX Corp. diversifies, spending $1 billion to acquire Texas Gas Resources Corporation, one of the country's largest natural gas pipeline companies.
However, in July 1984 United States authorities granted permission to CSX to maintain and operate American Commercial Lines, reversing longstanding regulations that prevented railroads from owning steamship or barge lines.
It was dubbed the "Stealth" livery by railfans; according to the "Bull Sheet" the first locomotives to wear it were B30-7's #5508 and #5511, which rolled out of the shops in Waycross, Georgia on May 6, 1986.
In June 1986 all but 10 employees were transferred from the Chessie System's headquarters in the Terminal Tower to either Jacksonville or Baltimore, but CSX retained 2 floors to service its Cleveland clients.
Also in 1986, CSX purchased a 30 percent interest (increased to a majority stake two years later) in Yukon Pacific Corporation, which aimed to construct the Trans-Alaska Gas System to transport natural gas via pipeline from Alaska's North Slope to Valdez.
However, sure enough, by 1986 it began appearing and the initial design featured a simple grey-dip scheme with blue trim and lettering.
1986 Sea-Land Corporation, the largest United States-based ocean containership line, is acquired for $800 million.
The B&O and C&O survived as "paper" companies for nearly a year into the CSXT era: B&O vanished into the C&O on April 30, 1987 (ironically it had just celebrated its 160th birthday on April 24th).
In 1987 CSX further extended its array of transportation services by forming CSX/Sea-Land Intermodal (later known as CSX Intermodal Inc.), the nation's only transcontinental full-service intermodal company.
In the midst of CSX's seeking of regulatory approval of the Conrail takeover, a jury in New Orleans awarded damages of $3.37 billion, including $2.5 billion in punitive damages, against CSX in relation to a 1987 chemical-car fire.
CSX created its CSX Intermodal, Inc. subsidiary, the first full-service intermodal company to serve more than one continent, in 1987.
By 1988, however, CSX was forced to sell off many of its recent acquisitions in a corporate restructuring program developed in response to complaints about company performance.
In 1989 John W. Snow replaced Watkins as president and CEO, and he immediately began divesting subsidiaries in an effort to refocus the company on its core operations.
As a result, the firm's directors appointed John W. Snow as president and CEO in 1989.
In 1990 coal provided 32 percent of CSX's rail revenue.
Watkins continued as chairman until his retirement on January 31, 1991, when that position, too, was assumed by Snow.
In early 1993 CSX acquired Customized Transportation Inc. (CTI), one of the leading logistics companies for the automotive industry, providing distribution, warehousing, and assembly on a contract basis for just-in-time delivery systems.
Toothman, Fred Rees, Working for the Chessie System: Olde King Coal's Prime Carrier, Huntington, W. Va.: Vandalia Book Co., 1993.
In 1995 it was purchased by Union Pacific.
In 1996 Sea-Land entered into a global alliance with Danish shipping company Maersk Lines involving the sharing of vessels and terminals.
ACL acquired the marine assets of Conti-Carriers & Terminals, Inc. in 1996, increasing its fleet size to 3,700 barges and 137 towboats.
At roughly the same time, the Federal Railroad Administration (FRA) released a report that was critical of safety procedures at CSX. The FRA had launched an investigation of CSX in 1996 after two CSX trains collided, killing one employee and injuring another.
In September 1997, a jury serving on a case related to a CSX chemical car fire 10 years prior ordered CSX to pay damages of $3.37 billion, including $2.5 billion in punitive damages, to the plaintiff.
CSX has remained at the center of the continuing consolidation of the railroad industry, most recently entering into a mid-1997 agreement to acquire 42 percent of Conrail's lines, mainly located in the northeastern states.
"csx corp." international directory of company histories. detroit: gale group, 1998.
In April 2000, Conway was dismissed by CSX, and Snow added the management of CSX's rail operations to his CEO and chairman duties.
According to Forbes, it is considered one of the top 2000 largest public companies in the world.
Service problems with Conrail assets persisted into 2000, which prompted CSX to restructure its rail operations management team.
2000 CSX sells its international shipping line business, the first step in a plan to divest Sea-Land Corp.
Revenues for CSX fell to $8.11 billion in 2001 compared to $8.19 billion the previous year.
In 2001 CSX created Transflo Corp. to handle the transfer of freight between railcars, truck, and ships.
In 2001 roughly $100 million in new business was attributed to this effort.
In 2002, CSX shed another component of its Sea-Land business, selling its domestic shipping line business.
As of 2003, CSX Corp. maintained a sales and marketing office in the Terminal Tower, a freight station at W. 130th and Brookpark Rd., and a rail yard on Clark Ave.
Richards, Gregory, "CSX Sells International Division," Florida Times-Union, December 10, 2004.
The final aspect of Sea-Land's business was sold in late 2004, when CSX World Terminals was sold to Middle East port operator Dubai Ports International.
2004 The divestiture of the Sea-Land assets is completed with the sale of CSX World Terminal, marking the company's exit from the maritime business.
In 2005, the company announced a five-year growth plan that earmarked greater resources for improving different parts of its rail system, a move industry pundits believed was imperative for CSX to effectively compete in the East.
The company introduced its current slogan, "How Tomorrow Moves", in 2008.
The most recent event to occur in this regard was the 2014 approach from Canadian Pacific about a possible merger.
After years of work and numerous tunnels, an engineering marvel through the southern Appalachians emerged on February 9, 2015 when the CC&O's 277-mile, Elkhorn City-Spartanburg main line opened.
Harrison died on December 16, 2017 and shortly thereafter Chief Operating Officer James M. Foote was named president and chief executive officer.
In March 2018, Foote, said CSX would follow-through on Harrison's plans to transform the company and move it from a traditional railroad model to a scheduled railroad model in order to reduce costs and improve the quality of service.
It ranks third among Class I's with $12.250 billion in annual revenue as of 2018.
"CSX Corporation ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/csx-corporation-1
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CSX competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Genesee & Wyoming | 1899 | $2.3B | 7,300 | 106 |
| Kansas City Southern | 1887 | $3.4B | 6,655 | - |
| XPO Logistics | 1989 | $8.1B | 44,000 | - |
| UPS | 1907 | $91.1B | 481,000 | 1,251 |
| Celadon Group | 1985 | $1.1B | 5,975 | 9 |
| Yellow | 1924 | $5.2B | 19,000 | - |
| Ryder System | 1933 | $12.6B | 39,900 | 6,144 |
| Old Dominion Freight Line | 1934 | $5.8B | 19,779 | 106 |
| GATX | 1898 | $1.6B | 1,904 | 82 |
| Union Pacific | 1862 | $24.3B | 30,960 | 2 |
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