Pacific National buys Tasrail
by LLDCN 12:16PM, 26 Feb 2004
Pacific National has snapped up Tasmania's Australian Transport Network (ATN) in a deal that hands the operator control of Tasrail and a 50-year lease of the state's rail track.
Pacific National's chief executive, Stephen O'Donnell, has predicted rail growth in Tasmania and improved freight synergies with road and sea.
"We see real opportunities for containerised freight, forestry, and other key industries, to use rail as the principal mode of freight transport, and thus reduce the number of trucks on Tasmanian roads," Mr O'Donnell said.
The sale includes Tasrail's 39 locomotives and 668 wagons and additional rolling stock to service grain customers in Victoria and New South Wales.
ATN's present management team will remain with the company under the new ownership.
ATN's CEO, Neil MacKinnon said the sale was a good result for employees, customers and Tasmania.
Pacific National's 50% owner, Toll ,confirmed it had sold the 27% stake of ATN it acquired through the purchase of Tranz Rail to Pacific National for NZ$3.5m.
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