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Pacific USA Holdings Corporation history
Pacific USA Holdings Corporation company history timeline
In May of 1988 Pacific Telecom's long-pending legal action over the Alaskan long-distance market was resolved when Alascom was ordered to pay a $27.5 million settlement to its competitor.
In October 1988 Southern Pacific found a new home among the holdings of Denver billionaire businessman Philip Anschutz, whose Rio Grande Industries already owned the Denver and Rio Grande Western Railroad.
SP Acquired by Anschutz in 1988
The company reorganized again, registering in Bermuda, in 1988.
Pacific Telecom made its first significant purchase in this area when it bought North-West Telecommunications for $250 million in December of 1989.
Early in 1989 Pacific Telecom continued the process of selling off its money-losing diversified holdings, shedding its Paccom Leasing, Flight Dynamics, EyeDentify, and Comdial subsidiaries.
Also in 1989 UP acquired a 25 percent stake in the Chicago & North Western Railway (C&NW).
By 1990, the company was forced to turn to its parent for financing, giving the Salim Group more equity in First Pacific.
In May of 1991 Pacific Telecom's long involvement in its Pacific cable project came to fruition as commercial traffic across the cable was inaugurated.
In the initial years after the purchase, SP suffered from declines in its traditional accounts in auto parts, lumber, and food; increased competition from UP and the Santa Fe; and more rigorous safety inspections in California, where SP trains were involved in two chemical spills in July 1991.
The company sold Cidcom, a subsidiary based in Santiago, Chile, and attempted to divest itself of TRT/FTC Communications, its international division, in 1991 in an effort to generate cash to reduce its debt.
Cellular operations continued to grow during 1991, and Pacific Telecom increased its holdings in this field by one-third, adding two northern Michigan rural service areas (RSAs) to reach a total of 28 RSAs and six urban centers.
Walsh resigned in 1991 to become CEO of Tenneco.
Contributing to the loss was $14 million incurred from the settlement of a class-action lawsuit stemming from one of the 1991 derailments which had contaminated the Sacramento River with weed killer.
The company was established in 1992 as the United States presence of Great Eagle Holdings Limited, one of the world’s leading real estate investment and development companies.
In an effort to reduce SP's debt load, 30 million shares of common stock were offered to the public in August 1993.
Anschutz hired Moyers as chief executive, and Moyers immediately focused on SP's operating ratio, which stood at 96.5 percent in 1993.
Investor interest in Southern Pacific increased in the several months that followed, so that by February 1994, when a secondary stock offering of 25 million shares was initiated, they sold for $19.75 per share.
In 1994 UP gained minority control of the C&NW, then acquired it outright the following year for $1.1 billion.
By 1994, the company’s Asian operations contributed 68 percent of First Pacific’s profit for the year.
Although SP was still in weak financial condition, Moyers had managed to make a number of improvements, and in February 1995 he once again retired.
In November 1995 Union Pacific filed an application with the ICC to acquire Southern Pacific in a $3.9 billion takeover.
But in July 1996 the STB approved the merger, with the only major stipulation being that UP grant trackage rights to Burlington Northern Santa Fe over about 4,000 miles of track.
UP's road to preeminence included the 1996 acquisition of Southern Pacific Rail Corporation, another firm with a rich history, including a prominent role of its own in the building of the transcontinental railroad.
UP then sold its remaining 83 percent stake in 1996.
In late 1996 Lewis retired as chairman and CEO of Union Pacific Corporation, and was succeeded by Davidson, who had most recently been president and COO of the UP holding company.
In just a decade and a half, Pangilinan had built First Pacific from a tiny company to one of Asia’s largest conglomerates, which posted a profit of HK$1.57 billion (US$202 million) on turnover of HKS54.8 billion (US$7.03 billion) in 1996.
Following three fatal accidents, a joint safety team was formed in August 1997 to review safety across the UP system.
The STB in November 1997 ordered UP to temporarily open a part of its freight business in its Houston hub to Kansas City Southern.
A transportation emergency was declared in 1997 by the Surface Transportation Board (STB) to move 40,000 cars off the rail, acquire more locomotives, and hire additional personnel to aid the cause, which cost the United States an estimated $2 billion in lost production.
By March 1998 delays in shipments had cost rail customers approximately $1 billion in curtailed production, reduced sales, and higher shipping costs.
Another outcome of the railroad's service difficulties was the August 1998 announcement of a plan to decentralize its railroad management.
Another outcome of the railroad’s service difficulties was the August 1998 announcement of a plan to decentralize its railroad management.
If it was any comfort, UP was not the only railroad to stumble through a megamerger: The acquisition of Conrail Inc. in 1999 by CSX Corp. and Norfolk Southern created profound operational problems for both of the acquiring railroads, but UP struggled far more than its rivals struggled.
The year 2000 saw the company place its bets on technology, bringing an alliance with Canadian Pacific Railway Co., CSX Corp., and Norfolk Southern Corp. to invest in Arzoon, an Internet-based tranportation management system.
Jordon, Steve, "Union Pacific Income Affected by Economic Downturn, Severance Expenses," Omaha World-Herald, January 19, 2001.
Counsel and Sec., 58, 2001 base salary $421,900; James R. Young, EVP Finance of UPC and CFO of the Railroad, 49, 2001 base salary $400,008; Dennis J. Duffy, EVP Operation of the Railroad, 51, 2001 base salary $400,008; Leo H. Suggs, Chmn. and CEO of Overnite, 62
Officers: Richard K. Davidson, Chmn. and CEO, 60, 2001 base salary $1,100,004; Ivor J. Evans, Pres. and COO of the Railroad, 59, 2001 base salary $683,340; Carl W. von Bernuth, SVP, Gen.
UP also entered into a 2001 joint agreement with the Canadian National Railway to introduce a new truck-competitive service for intermodal shipments between Central Canad, Michigan, Texas, and Mexico City.
In 2002 UP announced plans to bring its unmanned locomotives, using remote controlled operations, to Houston despite many safety and efficiency issues.
To achieve maximum energy efficiency in its lighting system, UP will also contract to receive high efficiency ballasts and lamps that will take place later in 2002.
The success of this service led the company to expand service to additional United States locations in 2002.
In November 2003, after years of contemplating the divestiture, UP spun off Overnite in an initial public offering, making it what industry analysts referred to as a "pure" railroad company.
He inherited a company that posted record profits and revenue in 2005, gains that were attributed to a more efficient rail network that enabled UP to make more money per carload.
―――――, "Union Pacific's CEO Sees Need to Keep Raising Rates," Omaha World-Herald, January 16, 2006.
James R. Young became UP's president and chief executive officer at the beginning of 2006, succeeding Richard Davidson.
In the short term, UP planned to invest $105 million to add 69 miles of double-track to the route, which was expected to be completed by 2007.
"Union Pacific Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/union-pacific-corporation-1
"First Pacific Company Limited ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/first-pacific-company-limited
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