AUSTRALIA's Toll has entered into a 13-year rail haulage
agreement with Pacific National Rail (PN Rail) to take over operation of the
North Queensland rail service of its intermodal business from February 1.
The agreement helps Toll improve service to North
Queensland, allowing long-term access to rail infrastructure and increasing
operational flexibility, said Toll Group managing director Brian Kruger.
"It also reduces capital employed in this part of
the business, which will result in an improvement in our return on invested
capital," he said.
The agreement with Asciano, parent company of PN Rail,
follows a number of deals between them, including an interstate rail haulage
contract with the railway until 2022.
The new deal will cover PN Rail's acquisition of five
Queensland intermodal rail terminals for A$70 million (US$62.5 million) at
Cairns, Townsville, Mackay, Rockhampton and Brisbane, together with associated
plant and equipment.
Additionally, Toll Intermodal will continue to operate
its forwarding business at PN Rail terminals, thus eliminating Toll's minimum
rail volume obligations in North Queensland from January 1.
Most Toll employees working railway roles are expected to
transfer to PN Rail.
Source : HKSG.
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