CHICAGO--(BUSINESS WIRE)--TTX Company announced today that it received approval from the federal Surface Transportation Board for a 15-year extension of its pooling authority governing all types of flatcars, including those that handle intermodal traffic, finished automobiles, and specialized flatcars for lumber, heavy equipment and other commodities. The new 15-year term commences October 1, 2014.
TTX’s President and Chief Executive Officer, Tom Wells stated, “The Board’s decision is an unambiguous affirmation of the value of the flatcar pool to the railroad industry and to the shipping public. We are pleased that the Board expressed its confidence in TTX and its operations and look forward to the next 15 years.” In its decision served October 1, 2014, the Board held that, “TTX has adapted and consistently produced significant benefits to railroads and shippers that could not have been achieved as easily, if at all, in the absence of the TTX flatcar pool.” The Board noted that over 80 interested parties, including the “Department of Defense, shippers, ports, car parts suppliers, car manufacturers and others,” expressed support for the extension of TTX’s pooling authority.
The Board listed the many benefits of the pool, including promotion of research and development in new equipment, cost control as a result of standardized repair and maintenance, capital savings through more efficient use, and the increased responsiveness of the rail industry to the dynamic changes in the North American railroad network. The Board concluded that in light of those benefits and the overwhelming support for reauthorization, a 15-year extension, as requested by TTX, was in the interest of “better service to the public or of economy of operation,” consistent with the statutory test.
TTX Company provides railcars and related freight car management services to the North American rail industry. A fleet of nearly 220,000 TTX flatcars, boxcars and gondolas move intermodal containers, automobiles, lumber, machinery, building materials, steel and other commodities across Canada, Mexico and the United States. Based in Chicago, TTX is owned by North America’s leading railroads and has been providing railcars, railcar information and accounting services since 1955.