Genesee & Wyoming history

Net income dropped as low as $30,000, but the company never lost money and continued its tradition, established in 1900, of paying quarterly dividends.

Hence, on February 4, 1906, he established The Atlanta & St Andrews Bay Railroad (ASAB). Steele was even able to convince other area business owners of the railroad’s potential and succeeded in securing funding to finish the line from Asa Candler, founder of Coca-Cola.

By 1913, the company's gross income had reached $113,855 with net income of $71,250.

By 1920 the Genesee & Wyoming, still running on a little over 17 miles of track, had purchased two passenger coaches as well as six locomotives and two cabooses.

In 1930, ASAB was acquired by International Paper Company.

September 1, 1977 Genesee and Wyoming Inc. incorporates in the State of Delaware.

Operating revenues were $3.3 million and net income $662,000 in 1978.

1980 The Staggers Act deregulates railroads, which are then allowed to dispose of routes that they could not operate profitably, helping to restore their financial health.

The company acquired the Ashford Junction-Rochester line in 1986 from railroading giant CSX Corp.

Southwest Forest Industries sold it to Stone Container Corporation in 1987.

Other geographic expansion occurred in 1993 when the company purchased the Willamette & Pacific Railroad from Southern Pacific Rail Corp.

Genesee & Wyoming Railroad itself was moving about two million tons of salt a year for Azko Nobel Salt Inc. when this Retlof, New York, mine met with disaster, collapsing and flooding in 1994.

Genesee & Wyoming Industries, Inc. was renamed Genesee & Wyoming Inc. in 1995.

In June 1996, the company went public, offering about 2.5 million shares at $17 apiece.

In November 1997 Genesee & Wyoming purchased the South Australian freight operations of Australian National and rebranded the operation Australian Southern Railroad.

In March 1998 Mort Fuller, the founder's great grandson, held 5.4 percent of Genesee & Wyoming's Class A shares of common stock and 77.9 percent of the Class B shares, giving him 52.8 percent of the voting power.

In October 2000 Australian Railroad Group, a 50/50 joint venture between Genesee & Wyoming and Wesfarmers, were the successful bidder for the Westrail freight business in Western Australia.

In July 2003, the Carolina Coastal Railway, operated by G&W subsidiary Rail Link, Inc., was sold to Main Line Rail Management, Inc.

Valdosta Railway, Western Kentucky Railway]2006 – presentFollowing the “Rail Renaissance”, G&W continues to pursue organic growth opportunities as well as both domestic and international acquisitions:2006: Sale of ARG by G&W and Wesfarmers.

In June 2010 Genesee & Wyoming, through a subsidiary holding company, paid A$334 million to acquire the operational rights to and the leasehold of the Tarcoola to Darwin Railway from the Asia Pacific Transport Consortium, and the operational rolling stock of FreightLink.

On August 2, 2011, Genesee & Wyoming announced that it planned to purchase the Arizona Eastern Railway from Iowa Pacific Holdings for US$90.1 million, with the deal expected to be completed by the end of the year.

On July 23, 2012, Genesee & Wyoming agreed to purchase RailAmerica (RA), the short-line railroad holding company controlled by Fortress Investment Group (FIG), for $1.39 billion to combine North America's two largest short-line and regional rail operators.

On February 24, 2015, Genesee & Wyoming announced that it has agreed to acquire approximately 95% of the shares of Freightliner Group.

November 1, 2016 Providence and Worcester Railroad Company is acquired by Genesee and Wyoming Inc.

On February 7, 2017, Genesee & Wyoming announced that it had reached an agreement to purchase the Heart of Georgia Railroad, subject to regulatory approval.