Big intermodal investment’s in PN pipeline: Corrigan

<p>Patrick Corporation and Toll Holdings are preparing for significant capital expenditure on their jointly owned rail venture Pacific National, it is reported.</p> <p>Pacific National’s rail terminals will be the focus of the new investment to try and keep pace with growth in intermodal freight, the <em> Australian Financial Review</em> reports.</p> <p>Patrick and Toll could spend up to $500m, the paper reported.</p> <p>"I think we will need to spend a significant amount upgrading the terminals &#8211 hundreds of millions," Patrick managing director Chris Corrigan said.</p> <p>Pacific National last week posted a record after-tax profit of $78m for nine months to March 31.</p> <p>However, the company is now facing capacity and infrastructure constraints.</p> <br />