CSX’s Ward Calls Buffett’s Rail Purchase ‘Brilliant’ |
BusinessWeek - Apr 14, 2010 |
Warren Buffett’s purchase of Burlington Northern Santa Fe Corp. was a “brilliant” move as the U.S. rail industry rebounds, the chief executive officer of CSX Corp. said.
“We’ve been talking about the rail renaissance for a number of years,” CSX’s Michael Ward said today in an interview. “I think Mr. Buffett, after we talked about it for three or four years, finally agreed with us.”
Buffett’s Berkshire Hathaway Inc. in February completed its $26 billion purchase of Burlington Northern, which was the biggest U.S. railroad by revenue in 2008. In March, the industry reported its highest weekly freight volume since that year, according to the Association of American Railroads. Shipments are rising after more than two years of declines.
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- Posted: 2010-04-14 11:12:36
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