Feed aggregator

In March 2025, Wabtec entered into a definitive agreement to acquire the company for $960 million in cash, financed through cash on hand and short-term debt.

The acquisition, Wabtec said at that time, was “anticipated to provide immediate shareholder value with an accretive growth profile, accretive Adjusted EBIT margins, accretive Adjusted EPS in the first year of ownership and accretive return on invested capital (ROIC) over time.” The transaction was subject to customary closing conditions and regulatory approvals.

“The purchase price reflects an estimated multiple of 12.5x projected 2025 EBITDA adjusted for transaction costs and projected run-rate cost synergies of $22 million which we expect to be realized over a three-year period,” Wabtec noted last year. “Dellner Couplers is expected to generate approximately $250 million of revenue in 2025 and expected growth that will exceed the company’s average growth over the next five years.”

Dellner Couplers is an 84-year-old supplier of highly engineered safety-critical train connection systems and services for passenger rail rolling stock. With a global installed base of approximately 100,000 couplers and 12,500 gangways, it provides an extensive offering in train connection systems, with production, assembly and aftermarket services facilities in 13 countries serving more than 200 customers.

“This strategic acquisition brings highly attractive and complementary technologies to Wabtec and positions the company for accelerated, profitable growth, while strengthening its portfolio of mission-critical passenger rail systems,” according to Wabtec.

“The addition of Dellner Couplers marks a major step forward in strengthening our Transit business and expanding our portfolio of offerings for this segment,” Wabtec President and CEO Rafael Santana said Feb. 11. “The combination of our expertise and global reach will enable us to deliver more innovative, reliable and sustainable solutions to the rail industry.” 

“The strength of Dellner Couplers’ management team and industry-leading solutions will accelerate our growth strategy in the passenger rail market,” Wabtec Transit President Pascal Schweitzer commented. “The addition of Dellner Couplers aligns with our long-term vision of driving innovation, productivity, safety and reliability for passenger rail on a global scale.” 

Dellner Couplers is the sixth Wabtec acquisition since November 2024. The company has also added Frauscher Sensor Technology Group GmbH, Inspection Technologies, Fanox, Kompozitum, and Bloom Engineering to its portfolio.

• Wabtec: ‘Strong’ 4Q25, Full-Year Results
• For CSX, $670MM Power Upgrade Order
• Wabtec Lands $1.2B UP Locomotive Overhaul Order
• CPKC, NS Advance Locomotive Modernizations
• Wabtec, Indian Railways Celebrate Start of Locomotive Service in West Bengal
• Watch: NY MTA Exercises Option for More Wabtec R255s

Railway Age Executive Editor Marybeth Luczak contributed to this report.

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The Federal Transit Administration (FTA) has issued the Final Environmental Impact Statement (FEIS) and Record of Decision (ROD) for the NFTA-Metro Transit Expansion Project, “marking the conclusion of the federal environmental review process and a major milestone in advancing the project,” according to NFTA, which is responsible for airport and surface transportation in Erie and Niagara counties, including light rail, bus, ADA paratransit, two commercial airports, and transportation centers in Buffalo and Niagara Falls. (Download the abstract for the combined FEIS and ROD below.)

The planned project would expand light rail transit service approximately seven miles from the current terminus at the Metro Rail University Station on the University at Buffalo (UB) South Campus to Tonawanda and Amherst, N.Y., including connections to the UB North Campus (download map below).  Through the environmental review process, a No Build Alternative and two Build Alternatives were analyzed, including a light rail transit (LRT) extension and a bus rapid transit (BRT) line, NFTA reported Feb. 10. Based on a comprehensive review of the environmental, social, and economic impacts of the alternatives, NFTA said the LRT Build Alternative was identified “as the option that best satisfies the purpose and need for the project, including the fastest travel time, highest ridership potential, and greatest economic impact compared to the other alternatives evaluated.”

The LRT extension will offer a “one-seat ride” between UB’s campuses. It will result in more than 11 million fewer automobile miles traveled annually, “improve regional transit system effectiveness, and support sustainable economic growth through increased transit-oriented development,” according to NFTA.

With the conclusion of the federal environmental review process, NFTA said the project will continue through the remaining federal and local approval processes “with construction, phasing, and funding strategies further refined as it advances toward implementation.”

“Completing the final environmental impact statement marks a pivotal moment in bringing the project vision closer to reality,” NFTA Executive Director Kimberly Minkel said. “It’s an exciting step forward that will support economic growth and improve transportation for generations to come.”

STV on Feb. 10 reported being selected to support the expansion of UTA’s FrontRunner system (watch video above; download fact sheet below). The nearly $1 billion FrontRunner 2X project will expand the 89-mile commuter rail corridor between Ogden and Provo. Led by the Utah Department of Transportation (UDOT) and in partnership with UTA and Union Pacific, it will add double track in 11 locations to ease bottlenecks and include 10 new trains, a new maintenance facility, signaling and infrastructure upgrades, targeted track realignments, and a new station in Bluffdale. Together, STV said, these improvements will raise system capacity by more than 50%, cut wait times in half to 15-minute peak service and 30-minute off-peak service, and increase travel time reliability. 

Working as a subconsultant to Horrocks Engineers, the lead progressive design-build engineer, STV said it is heading up the double-track design for two corridor segments between the Vineyard, Provo, and Orem stations. The firm will also provide “detailed engineering and constructability-focused design solutions that support efficient project delivery.” According to STV, it was selected for “its deep rail engineering expertise and long-standing experience working with both UTA and Union Pacific.” 

Horrocks is part of the progressive design-build team led by the joint venture of Stacy Witbeck and Ralph L. Wadsworth called FrontRunner Forward Partners, which is delivering the corridor-wide improvements for UTA. 

Construction is slated to proceed in phases through 2030, while maintaining FrontRunner service (see project timeline above). 

“FrontRunner is the backbone of Utah’s regional transit network, and this expansion represents a generational investment in connecting communities along the Wasatch Front,” said Heath Therrien, Vice President and Regional Alternative Delivery Director at STV. “We are proud to bring our national rail expertise to the design-build team, supporting UTA and UDOT’s vision for more frequent, reliable and sustainable rail service for riders.”

Starting Feb. 14, Link 2 Line test trains will begin simulated service, the final phase of testing ahead of the Crosslake Connection light rail launch next month, according to Sound Transit. During this time, passengers will be able to ride test trains between International District/Chinatown and Lynnwood City Center stations, it reported Feb. 10, and service hours on the existing 2 Line between Redmond and South Bellevue will be extended until midnight (see map below).

During simulated service, two-car 2 Line trains will run between normal four-car 1 Line trains from International District/Chinatown to Lynnwood and back. Trains will arrive every four minutes during weekday peak periods, and every 5 minutes throughout the day.

“The addition of 2 Line trains will significantly increase capacity through the busiest part of the Link system, with double the number of trains running through the downtown Seattle transit tunnel,” Sound Transit reported.

The Crosslake Connection is the final component of the 2 Line, and spans approximately seven miles and includes two new stations at Mercer Island and Judkins Park.

“To complete the 2 Line and connect to the Eastside, Sound Transit engineers had to do something that had never been done before—design light rail on a floating bridge,” according to the transit agency (see photograph, top). The Homer M. Hadley bridge supports both light rail and highway traffic.

Following the Crosslake Connection’s March 28 launch, the full, 35-plus-mile 2 Line will operate from downtown Redmond to Lynnwood and connect with the 1 Line in downtown Seattle at International District/Chinatown Station.

Sound Transit in five years has opened six light rail expansions: in 2023, the T Line service to Hilltop; in 2024, the 2 Line between South Bellevue and Redmond Technology stations and the Lynnwood extension into Snohomish County; and in 2025, the 2 Line extension to Downtown Redmond and the 1 Line extension between SeaTac and Federal Way. The Pinehurst Station at NE 130th Street in Seattle is expected to open later this year.

Fans traveling to Super Bowl LX rode VTA light rail and buses in record numbers, exceeding expectations, the transit agency reported Feb. 9. It carried more than 30,000 riders to and from Levi’s Stadium for the game, about 5,000 more than service planners anticipated and surpassing previous ridership records set during the 2023 Taylor Swift concerts.

VTA scheduled the operation of 22 light rail trains on top of regular service on Super Bowl Sunday.

The transit agency said it rolled out a comprehensive wayfinding and customer information program to support Super Bowl travel that included signage, real-time digital updates, consistent and frequent social media messaging, and news media coverage, and positioned transit ambassadors throughout the system (download map below).

VTA and its regional partners, including Caltrain and San Francisco Bay Area Rapid Transit (BART), worked to ensure seamless transfers for game-day riders. Service planning also emphasized “a family-friendly experience, with accessible routes, visible staff assistance and security presence, and amenities designed to help riders of all ages travel safely and comfortably,” VTA noted.

Approximately 40% of riders transferred from Caltrain to VTA at the Mountain View Transit Center, while about 60% took VTA light rail from Downtown San José or transferred from BART to VTA light rail at the Milpitas Transit Center.

After the game, VTA said it implemented a modified post-event service plan using two stations—Lick Mill and Great America—instead of the typical single-station configuration. The transit agency cleared more than 13,000 departing riders from light rail platforms in less than 90 minutes, beating the NFL’s two-hour crowd management benchmark, it reported.

SunRail in Central Florida is paying tribute to the United States of America’s 250th anniversary this year with a special trainset, which it featured recently on social media (see above).

Over the past 12 years, in three phases (May 2014, July 2018, and August 2024), the Florida Department of Transportation has developed Central Florida’s commuter rail system, which currently operates over 61 miles with 17 stations through Volusia, Seminole, Orange, and Osceola counties (see map below).

• SNR Celebrates USA’s 250th Anniversary With Specially Painted Locomotive
• UP’s Big Boy Celebrates America’s 250th Birthday With Coast-to-Coast Tour
• NSHR Unveils ‘Semiquincentennial Locomotive’

The post Transit Briefs: NFTA-Metro, UTA, Sound Transit, Santa Clara VTA, SunRail appeared first on Railway Age.

Rather than relying on traditional railcar-level tracking, which requires auto manufacturers and dealers to collect data from multiple railroads and manually associate that information with the VINs of vehicles loaded onto each railcar, VIN Tracking enables users to search, trace, and monitor vehicles directly by VIN, “delivering real-time visibility,” according to TransmetriQ.

“Powered by TransmetriQ’s direct access to high-quality rail data from Railinc[, a wholly owned subsidiary of the Association of American Railroads], the solution provides visibility across more than 600 North American railroads,” TransmetriQ reported Feb. 10. “Users can trace up to 1,000 VINs at a time, view last-reported locations and events, and set alerts or scheduled updates for high-priority vehicles.”

VIN Tracking also supports “historical analysis and integration with enterprise systems through a webhook, enabling broader use across distribution, customer service, and dealer-facing applications,” the company noted.

So far, early users report that VIN-level tracking has “significantly reduced the time spent responding to dealer inquiries and investigating stalled or delayed shipments,” according to TransmetriQ. The capability, it said, has been used daily by automotive logistics teams to monitor plant output, manage distribution flows, and “proactively” address exceptions.

“Automotive logistics teams think in VINs, not railcars,” said Andy Adams, Senior Solutions Engineer at TransmetriQ. “By making VINs searchable and traceable across the rail network, we’re removing a major source of friction and giving shippers faster, clearer insight into where vehicles are and when they’ll arrive.”    

“It’s not surprising that buyers of six-figure vehicles are eager to know when their luxury car will arrive,” he continued. “Now teams who have access to VIN Tracking can provide real-time updates to car buyers as vehicles move by rail from the factory.”

“Having VIN-level visibility changes how teams operate,” added Mika Majapuro, Vice President of TransmetriQ Product Management. “Instead of chasing data across multiple systems and railroads, they can focus on resolving issues and improving performance.”

• TransmetriQ Launches ‘Ocean to Rail Visibility’ Tool
• ‘Shopping’ Simplified, By TransmetriQ
• New from TransmetriQ: Rate & Route Tool for Optimal Route Selection
• VISIBILITY
• TransmetriQ Launches ‘Reporting & Analytics’

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“In the fourth quarter, we achieved double digit sales growth, expanded adjusted operating margins, and grew adjusted EPS 25% … all while building a very strong backlog and generating robust operating cash flow,” Santana continued. “As we exit 2025, I am very encouraged by the underlying momentum of our business and our recent acquisitions, both of which we expect to drive significant value going forward.”

Wabtec reported 4Q25 GAAP earnings per diluted share of $1.18, down 4.1% vs. 4Q24. Adjusted earnings per diluted share were $2.10, up 25.0%. Sales were $2.97 billion and cash from operations was $992 million. Full-year 2025 GAAP earnings per diluted share were $6.83, up 13.1% vs. 2024. Adjusted earnings per diluted share were $8.97, up 18.7%. Total 2025 sales were $11.17 billion, and cash from operations was a record $1.76 billion.

• Sales increased 14.8% compared to the year-ago quarter “driven by increased sales in the Freight segment, which included acquisitions (Inspection Technologies & Frauscher Sensor Technology), and in the Transit segment.”
• GAAP operating margin was lower than the prior year at 12.0% and adjusted operating margin was up versus the prior year at 17.7%. Both GAAP and adjusted operating margins “benefited from higher gross margin, which was partially offset by higher operating expenses as a percent of revenue.” GAAP operating margins were also “adversely impacted by restructuring costs associated with Integration 2.0 & 3.0, Portfolio Optimization charges, and transaction costs associated with recent acquisitions.”
• GAAP and adjusted EPS “benefited from higher sales and operating margin expansion which was partially offset by higher operating expenses as a percent of revenue. GAAP EPS was further impacted by restructuring charges and transaction costs tied to recent acquisitions.”

• Freight segment sales for the fourth quarter were up 18.3%. Equipment sales were up 33.5% “driven by higher locomotive deliveries,” while Digital sales were up 74.4% “driven by the acquisition of Inspection Technologies & Frauscher Sensor Technology.” Components sales were up 11.1%. Services sales were down 5.0% as expected “due to the timing of modernization deliveries.”
• GAAP and adjusted operating margin “benefited from gross margin improvement which was partially offset by higher operating expenses as a percent of revenue.” In addition, GAAP operating margin was “adversely impacted by one-time costs associated with the Portfolio Optimization initiative and purchase accounting adjustments resulting from Inspection Technologies acquisition.”

• Transit segment sales for the fourth quarter were up 6.7% “due to strong OE and aftermarket sales.”
• GAAP and adjusted operating margins were “impacted by manufacturing inefficiencies and higher operating expenses as a percent of revenue.”

Wabtec’s 12-month and multi-year backlogs “continue to provide strong visibility,” the company said. “At the end of the fourth quarter, the 12-month backlog was $553 million higher than the prior year. And on Dec. 31, 2025, the multi-year backlog was $5.135 million higher than the same time a year ago. Excluding the impacts of foreign currency exchange, the 12-month backlog was up 4.7% and the multi-year backlog was up 20.5%.”

• During 4Q25, Wabtec generated cash from operations of $992 million vs. $723 million in the year ago period. The increase in cash flow from operations “benefited from improved working capital.”
• At the end of the quarter, the company had cash, cash equivalents and restricted cash of $0.79 billion and total debt of $5.54 billion. At December 31, 2025 the company’s total available liquidity was $3.21 billion, which includes $0.76 billion of cash and cash equivalents plus $2.00 billion available under current credit facilities and $0.44 billion of borrowings available under Wabtec’s Revolving Receivables Program.
• Wabtec repurchased $75 million of shares in the fourth quarter, bringing the full year total to $223 million.
• The Board of Directors increased the quarterly dividend by 24% by declaring a regular quarterly common dividend of 31 cents per share, payable on March 2, 2026, to holders of record on Feb. 17, 2026.
• The Board also increased the existing share repurchase authorization to $1.2 billion.

• Wabtec’s 2026 financial guidance “expects sales to be in a range of $12.19 billion to $12.49 billion and adjusted earnings per diluted share to be in a range of $10.05 to $10.45.”
• Guidance, Wabtec says, “includes the impact from the recent acquisition of Dellner Couplers, which closed on February 10, 2026.”

“Looking ahead, our record $27 billion multi-year backlog provides strong visibility and positions Wabtec for sustained growth. At the same time, our team remains committed to advancing innovation, driving operational excellence, and maintaining disciplined capital allocation to deliver long-term value for our shareholders,” Santana concluded.

The Wabtec website provides more earnings details.

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A three-truck narrow-gauge Shay engine is heading back to California. West Side Lumber Co. 12 was recently acquired by the Yosemite Mountain Sugar Pine Railroad from the Colorado Railroad Museum. 

The three-foot-gauge locomotive was built by Lima Locomotive Works in 1927 and operated for many years in California. During the preservation era, it moved east to Colorado, where it ran on the Georgetown Loop Railroad in the 1980s and 1990s. It eventually found a home at the Colorado Railroad Museum in Golden. 

In February, the locomotive was loaded onto a truck in Golden for the trip west. The Yosemite Mountain Sugar Pine Railroad operates within Sierra National Forest south of Yosemite National Park. It has two other former West Side Shays, Nos. 10 and 15. The railroad said they hope to have the locomotive in service this year. 

—Justin Franz 

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Caterpillar, Inc., subsidiary Progress Rail and Brazilian logistics firm VLI on Feb. 10 reported celebrating the delivery of the last of eight EMD SD70ACe-BBs. Ordered in 2024 under a $38 million (R$ 200 million) contract, they will operate on the Ferrovia Centro-Atlântica (FCA/Centro-Atlântica Railway), transporting cargo between Brazil’s interior and the ports in the Southeast.

The new locomotives incorporate “advanced AC traction systems, improved adhesion control, and optimized fuel efficiency, features designed to help reduce lifecycle costs,” according to Progress Rail.

The companies also reported signing a maintenance services agreement (MSA) in October, focusing on VLI’s rail operations in the Northern Corridor, which connects the state of Tocantins to the port system of São Luís and serves the Matopiba agricultural region. It is Progress Rail’s first long-term maintenance agreement in South America; with a 10-year duration, it is valued at of up to $96 million (R$ 500 million). The agreement was designed to “increase the availability and reliability of VLI’s locomotive fleet, meeting the growing demand for freight transport in the region,” VLI noted.

“VLI transports cargo from the main sectors that drive the Brazilian economy, such as agribusiness, civil construction and industry,” said Fábio Marchiori, CEO of VLI, which holds the concession for FCA and operates railways, ports, and terminals. “With new and modern locomotives, we also contribute to reducing greenhouse gas emissions, reinforcing our role in building a low-carbon and more sustainable logistics network for the country.”

“It is an honor to be in Brazil with VLI and local dignitaries, celebrating a relationship rooted in innovation, reliability and customer focus,” Progress Rail Senior Vice President Brian Callear said during the celebration held Feb. 9. “VLI has a clear vision for operational excellence, and our collaboration will further strengthen locomotive availability and reliability to help meet the country’s growing demand for rail transport.”

“It is an honor to celebrate another milestone in our long-term relationship with VLI,” said Jack Zhang, Executive Vice President of Locomotives at Progress Rail. “These EMD® SD70ACE-BB locomotives reflect our shared commitment to innovation and the reliability of the Brazilian rail network. VLI has demonstrated leadership in advancing operational excellence, and we are proud to support this trajectory—not only through industry-proven locomotive technology, but also through our recently signed maintenance services agreement, the first of its kind in South America. Together, we are strengthening the Brazilian rail ecosystem and building the foundations for safer and more efficient freight transport for years to come.”

With the arrival of the eight EMD SD70ACe-BBs, VLI said it has acquired 27 locomotives since 2024, totaling investments of approximately $115.4 million (R$ 600 million). VLI in 2023 selected Wabtec to supply nine Evolution Series (ES43BBl) locomotives to support cargo transport on the FCA. 

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INRD recently announced, via a LinkedIn post, the promotion of Dereck McClure to Director, Service Operations.

McClure has been a dedicated member of the INRD team for more than 13 years, and this new role, the company says, “expands his leadership in ensuring safe, reliable, and efficient daily operations across our network.”

The PANYNJ Board of Commissioners recently approved the nomination of Kathryn Garcia to serve as the agency’s next Executive Director, effective Monday, Feb. 9.

Garcia brings three decades of experience across government, most recently serving in the administration of New York Gov. Kathy Hochul as Director of State Operations and Infrastructure, where she oversaw major initiatives like the launch of New York City’s congestion pricing program, New York’s nuclear power moonshot, the Interstate 81 Viaduct project in Syracuse, N.Y., the Gateway Hudson Tunnel Project, the Interborough Express, and the redevelopment of John F. Kennedy International Airport.

Previously, Garcia served in senior roles in New York City government, including as Commissioner of the city Department of Sanitation, Interim Chair of the New York City Housing Authority, and as the city’s COVID-19 “food czar,” where she distributed 130 million meals to New Yorkers during the pandemic. As Executive Director, Garcia will lead day-to-day operations across the Port Authority’s air, rail, bridge, tunnel, and seaport operations and will deliver the recently approved 10-year Port Authority capital plan.

Garcia assumes the role of Executive Director following the retirement of Rick Cotton, who served in the role for 8.5 years. Under the leadership of Cotton and Chairman Kevin O’Toole, the agency says it has “delivered an agenda of institutional reform and historic renewal of the Port Authority’s core assets,” advancing major projects like the $50 billion transformation of the region’s three airports, including an entirely new LaGuardia, a rebuilt John F. Kennedy International Airport, the new Terminal A at Newark Liberty and a replacement for AirTrain Newark.

The agency’s Board of Commissioners also approved the nomination of Jean Roehrenbeck to serve as Deputy Executive Director. Roehrenbeck brings extensive experience in federal transportation policy government affairs. She most recently served as a Vice President at Summit Strategies, a national government affairs and strategic consulting firm. Previously, Roehrenbeck served at the USDOT under Secretary Pete Buttigieg, including as Acting Assistant Secretary for Governmental Affairs, where she led the department’s engagement with Congress and state and local governments and managed all governmental affairs operations. She served on the department’s senior leadership team during the rollout of the Infrastructure Investment and Jobs Act, helping advance major infrastructure initiatives nationwide. Earlier in her career, Roehrenbeck was Chief of Staff to then-U.S. Rep. Mikie Sherrill of New Jersey in the U.S. House of Representatives.

As deputy Executive Director, Roehrenbeck will report directly to the Executive Director.

Bryan Jones, HNTB Mid-Atlantic Division President and Senior Vice President, has been appointed to the USDOT’s newly formed BTIC. Established by U.S. Transportation Secretary Sean P. Duffy, the Council, HNTB says, “will advise on policy and design strategies that elevate the aesthetic quality of the nation’s highways, bridges and transit systems.”

With more than 20 years of strategic transportation planning, policy development and infrastructure delivery experience, Jones has deep expertise in highways, bridges, mass transit and rail systems. He has guided major programs from early planning through full implementation, successfully navigating funding mechanisms and legislative requirements. 

Jones is a recognized national voice in transportation policy. He serves on the board and Leadership Council of the U.S. Chamber of Commerce, chairs its Surface Transportation Reauthorization Council and sits on the board of the Greater Washington Board of Trade. He is also a member of the Economic Club of Washington and the American Road & Transportation Builders Association.

“It’s an honor to join this Council and help shape infrastructure that delivers both beauty and function,” Jones said. “This initiative is an important opportunity to advance transportation solutions that are safer and reflective of the communities they serve. As transportation needs evolve, embracing thoughtful and innovative design approaches will be essential to improving reliability and enhancing the experience for every user.”

STV on Feb. 9 announced that Jerry Jannetti has joined the firm as President of its Transportation South Operating Group following the retirement of Jerry Stump, who will join the firm’s Advisory Board.

“This leadership transition is a move from strength to strength,” said STV CEO Greg Kelly. “Jerry Jannetti will further drive growth across this region, leveraging his strong client relationships and commitment to developing future leaders. As Jerry Stump joins our Advisory Board, we will continue to tap into his years of expertise and client relationships as we further position STV for growth.”

Jannetti brings more than four decades of experience delivering complex infrastructure programs and, most recently, led a $1.5 billion transportation and infrastructure business overseeing water, highways, bridges, transit, rail, aviation, mobility and ports programs. Throughout his career, he has guided some of the most significant transportation projects in the country, including major transit expansions, tunneling programs and public-private partnerships. In this role, he will “drive the growth of STV’s transportation business in the south region, focused on expanding into new geographies and offering the full suite of STV’s services to new and existing clients,” according to the company. Jannetti has held industry organization leadership positions in American Council of Engineering Companies (ACEC) Maryland, ACEC National Planning, New York Building Congress Board, New York Regional Planning Council Board. He holds a bachelor’s degree in civil engineering from the University of Massachusetts, Lowell.

Stump adds his nearly 45 years of transportation and infrastructure experience to STV’s Advisory Board, which, the firm says, “includes some of the most highly respected industry leaders and infrastructure innovators in the country.” In this new role, he provides strategic advice and support to STV leaders across the company as they execute the firm’s Strategic Plan. Stump previously chaired both ACEC and the Design Professionals Coalition (DPC). He also chaired numerous industry organization committees, including ACEC Transportation Committee, the Government Advocacy Committee and the Planning Cabinet. He has testified before Congressional committees regarding infrastructure policy and chaired various efforts, including the American Association of State Highway and Transportation Officials (AASHTO)/ACEC Joint Committee, helping to set national priorities for federal infrastructure bills. He holds a bachelor’s degree in civil engineering from the University of Tennessee and a master’s degree in engineering management.

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The event is slated to bring together leaders from Class I railroads, government agencies, suppliers, universities, and global research organizations, and will allow students—the next generation of rail researchers and engineers—to gain “insight into the nation’s most advanced rail research initiatives”; engage with MxV Rail engineers, scientists, and technical experts; and get a “firsthand look at the critical work shaping the future of rail transportation,” according to MxV Rail, an AAR subsidiary.

MxV Rail on Feb. 9 reported that the Student Travel Grant Program will provide up to $1,500 in travel reimbursement, in addition to complimentary registration. It is open to full-time undergraduate and graduate students enrolled in ABET-accredited U.S. institutions.

Interested students should complete this online application form and submit the required materials (including a one- to two-page personal essay and one faculty recommendation letter) by March 6, 2026. Award notifications are expected by March 20, 2026.

According to MxV Rail, the new Student Travel Grant Program, formerly known as University Days, expands its “commitment to fostering academic engagement and supporting students in engineering and physical science disciplines,” as the AAR Research Review will showcase “emerging technologies, high-impact research, and the latest advancements in safety, testing, and innovation.”

“We are proud to invest in developing the next generation of rail innovators,” said Kari Gonzales, President and CEO of MxV Rail. “This travel grant program allows students to immerse themselves in research that directly impacts the safety, efficiency, and future of the North American rail network.”

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Wabtec Corporation has landed its third Class I locomotive order in roughly as many months; this time from CSX. The Jacksonville, Fla.-based railroad on Feb. 9 reported signing a $670 million deal with Wabtec to provide 100 new Evolution Series units, to modernize 50 aging D9s by converting them from DC to AC traction, and to equip all of the locomotives with Trip Optimizer with Smart Horsepower per Ton, which is described as “an EPA-certified system intended to support fuel efficiency.”

Delivery of the new Evolution Series locomotives is expected to begin this year, with deliveries of the modernized locomotives starting in 2027.

According to CSX, the Evolution Series units will support its fleet “by improving fuel efficiency, tractive effort, and overall reliability,” as they are “designed to reduce fuel consumption while maintaining performance for long-haul and heavy-duty operations.” Additionally, the modernization of the D9s will “extend service life, improve fleet standardization, and enable the use of advanced control and diagnostic technologies, with expected improvements in fuel efficiency, tractive effort, and reliability,” it said.

“Our locomotive fleet is a fundamental element of our safe and reliable railroad,” CSX Executive Vice President and Chief Operating Officer Mike Cory said. “Modernizing these critical assets strengthens network performance and supports the level of service our customers depend on.”

“CSX’s fleet modernization initiative underscores its strong commitment to enhancing operational efficiency and delivering reliable customer service,” added Rogerio Mendonca, President, Freight Equipment at Wabtec. “Our unique partnership supports CSX’s strategic approach to long-term fleet planning. By combining new and modernized locomotives with our industry-proven digital solutions, we expect to continue supporting improvements in fuel performance, operational efficiency, and reliability across CSX’s rail operations.”

CSX in 2024 extended its AC4400 modernization program with Wabtec to give the remaining 200-plus locomotives in its 460-plus unit fleet improved fuel efficiency, reliability, utilization and tractive effort. The contract added to the 260 modernizations that CSX previously ordered. The railroad also selected Wabtec in 2021 to revitalize its yard fleet using the supplier’s Tier 4 switcher modernization program, which upgrades 40- to 50-year-old locomotives and Tier 0 non-emissions switchers to the Wabtec Tier 4 platform.

Separately, Union Pacific on Feb. 4 announced signing a $1.2 billion agreement with Wabtec in fourth-quarter 2025 for the modernization of UP AC4400 locomotives with deliveries expected to begin in 2027, and Canadian Pacific Kansas City and Norfolk Southern last month announced acquisitions of new Tier 4-compliant road units from Wabtec and Progress Rail.

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This is the third in a five-part series about railroad growth coming from truck conversions. Given the Union Pacific’s proposed acquisition of Norfolk Southern, UP’s Dec 19, 2025 merger application sent to the Surface Transportation Board predicts there will be more than two million trucks converted to rail from this new network within three years.

In Part 1, we established the five-year 26% Domestic Intermodal growth (conversion from truck to rail) goal has not been achieved during the past 15 years per IANA (Intermodal Association of North America). The same statement applies even more so to the applicants submitted three-year proposed timeframe.

In Part 2, we examined the Carload Watershed Market, which is roughly 150 miles west and 100 miles east of the Mississippi River Valley, where major East/West rail interchanges such as Chicago, St. Louis, Memphis and New Orleans are located. We established that the Watershed markets are underserved because of the financial return requirements of two separate railroads for short hauls into these dead zones. Yes, a single railroad can apply a single price equation and put in place more competitive rates than what exists today, but we will not see very much truck-to-rail conversion in three years? Ten years is possible, but it depends on the next best alternative.

Per the chart below from the U.S. Bureau of Transportation Statistics, Intermodal underwent two “growth” periods over the past 25 years, the first in 2001 to 2007 due to International Intermodal growth of almost 5% per year. After the housing crisis and resulting recession, Domestic Intermodal growth began in 2011 through 2018 with a little more than 3% growth per year. Note that overall Intermodal volume has been flat since 2018—zero growth Why? Service has been better since PSR (Precision Scheduled Railroading) was implemented, but with no growth. Is there something else at play?

That the merger applicants believe there are about two million potential convertible trucks to rail from this acquisition seems viable. The data sets can be bought to replicate the analysis. The question is, how much is realistically convertible in three years? Let’s focus on the 1.17 million trucks to convert to Domestic Intermodal. Looking at Intermodal maps of the UP and NS networks, what are the new Domestic Intermodal lanes being added? One in the application is the EP-AL (El Paso, Tex., to Birmingham, Ala.)—not a huge truck lane in terms of demand, but let’s use it as an example.

Once the transaction completes, rates and service need to be put in place. UP’s Santa Theresa Intermodal Terminal in New Mexico is a relatively new facility. Let’s assume it has lift, parking and gate capacity. I’m not as familiar with Birmingham, but let’s assume it also has lift, parking and gate capacity for the conversions. We need 53-foot containers and chassis at both locations. The IMCs (intermodal marketing companies) that own containers on UP (e.g. Hub Group, Schneider and Knight-Swift) and the rail container programs (let’s focus on EMP and ignore the UMAX/CSX question for now) should have some capacity—maybe 6-8% available, not 26%. New containers will need to be acquired.

Will there be adequate chassis in time for the new business? Like the containers, I have concerns. I don’t see an excess of 6% capacity on 53-foot chassis currently. UP sold off much of its chassis fleet to DCLI (Direct ChassisLink Leasing), so it will depend on how much additional capacity DCLI and/or the IMCs can get their hands on, if they’re willing to invest and buy new chassis. Chassis take time to build and are more expensive than containers. And recall, this is a UP+NS transaction; CSX and BNSF haven’t said they’re going to “get married” and therefore won’t be committing container, chassis or car capacity to UP+NS growth. 

Are there enough well cars in the fleet? Between TTX and BNSF, the largest domestic well car providers, there may be 5-7% available capacity. Cars will need to be acquired and built, and this takes a willingness to invest and time to build. Will BNSF buy cars so UP+NS can grow? Will TTX buy cars for UP+NS? BNSF’s and CSX’s ownership in TTX will have a say. A key element of PSR is maximizing utilization of resources, which is great in flat or down markets. But as history shows us, a lack of resources historically retards rail growth in bull markets. Will UP+NS and their IMCs bet on the future and have additional capacity to capture this growth on day 1? We should be skeptical based upon past experiences.

Having access to capacity when these new lanes are put in place is one element of the equation. An additional element is the sales process. More than 90% of domestic intermodal moves are wholesale moves where the railroad provides rail service to an IMC. That IMC provides the retail price and the door-to-door service, including the container, dray service, rail service and customer service to the shipper. The railroads are largely insulated from the freight payor and the overall door-to-door experience by the intermediary.

Why does this matter? The wholesale model puts a lot of price on the first- and last-mile execution, with which the railroads aren’t involved. There isn’t the same amount of “ownership” for service performance by the railroads as with truck, since there are multiple parties involved and priorities at terminals or handoff points aren’t always aligned. Think of ramp dwell. In addition, much of the truck conversion in the application like the EP-AL lane is short-haul freight that is “messier”: multiple stops, time sensitive, not balanced. It is difficult for customers who truck their freight today to convert to intermodal. It often means that they get a reduced-service product that is more complicated than “just trucking” it. This makes intermodal harder for the railroads to sell. Again, more complicated and not necessarily cheaper.

Converting truck freight to Intermodal isn’t easy. Of all the railroad growth methods, new conversions are the hardest. From experience, it’s far easier to grow with an existing Intermodal shipper who is growing (think Amazon) or “stealing” someone else’s Intermodal business with a better price or leverage in a large buy contract. For the large IMCs vs. smaller niche IMCs, size and scale often wins. Look at J.B. Hunt or Hub Group as examples.

In the existing intermodal network, there isn’t much freight left to grab outside of arbitrage opportunities if fuel prices surge or truck capacity unexpectedly tightens, as it did back in 2013. The main Intermodal lanes like Los Angles to Chicago are largely penetrated by rail in the 60%-70% range. Why not 100%? There are many reasons: Using rail often requires a regular steady volume pairing inbound with outbound to get the right economics. Irregular loads, rush loads, back haul pricing, triangulation, leverage from large truck carriers, diversification of modal portfolios are numerous reasons some portion of convertible freight never converts.

In addition, not all Intermodal lanes offer the same savings. The rail-competitive Intermodal lanes (Los Angeles-Chicago, Los Angeles-Dallas, Chicago-New York/New Jersey, Chicago-Atlanta) are largely penetrated because there is rail-to-rail competition. In Los Angeles-Chicago, BNSF and UP go head-to-head. Pricing and service in this lane are competitive. Shippers can save 20%-30% using rail vs. truck with good service. In Chicago-New York/New Jersey, a similar dynamic exists for CSX and NS. In single-served rail lanes like Laredo, Tex.-Chicago, where there is no BNSF rail competition to UP, the rail rates are 15%-50% higher than the equivalent rates in competitive lanes, making the resulting savings lower or even nonexistent vs. truck.

A desire for rail-to-rail competition is why ocean carriers pushed BNSF to open International Intermodal service from Los Angeles/Long Beach to Salt Lake City, historically a lane where UP only competed against trucks. BNSF entering this market is a great win for shippers in the Salt Lake City area. Rates will come down and service will improve. Container volume currently trucked from Los Angeles/Long Beach to Salt Lake City will convert to rail with service and rail rate competition—better rates, better service and less risk for the shipper than a sole-source provider. Competition will bring growth. More on this in Part 4.

The new proposed UP-NS lane from El Paso to Birmingham may have some freight to convert. How much will convert will be a function of service, rates and available capacity. If the asset capacity investments are made, will a single rail solution lead to 60%-70% conversion? Based on history, I say no. A 25%-35% conversion of the 1.17 million truckloads to Doestic Intermodal, 300,000 to 400,000 loads over five years, is more achievable. Again, this will ultimately depend on service, rates, asset capacity, and balance vs. the truck alternative.

We’ve had three years of stagnant truck rates while rail rates increased at above-inflation levels. The North American rail industry has not grown since 2017 and has consistently lost share to truck and other modes since 2018. Rail is a precious commodity, and the benefits of rail transportation cost savings, access to capacity, environmental benefits and better jobs) are without dispute. Generating new rail-to-rail competition is critical for this transaction to be beneficial. Join us in a few weeks for Part 4 as we peel back the veil on the benefits to shippers and the railroads to competition. Adding competition through reciprocal switching among the Class I’s, like in Canada with interswitching, could make this transaction a win-win for all parties.

Rob Russell, Managing Partner, Russell-Kroese Partners (RKP), is a seasoned transportation executive who operates fluidly from the boardroom to the shop floor. A certified six sigma black belt and a LEAN champion, Rob is a proven business leader who has a track record of strategy development, financial planning, business development, operations and performance management to accomplish an organization’s desired goals. RKP partners with railroads, ports, shippers and land developers on growth strategy, market development, competitive positioning and operational execution. They help clients translate complex transportation dynamics into clear, execution-ready business decisions.  You can learn more about RKP at www.russellkroese.com.

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