CN plans to reap $216-million a year from Illinois Central purchase

Article Abstract:

Canadian National Railway Co. intends to earn C$216.2 million a year with its C$3.7-billion purchase of Illinois Central Corp. due to improved efficiencies and addition of new customers. The merger expects to have C$126.9 million in annual operating efficiencies and a revenue increase of C$90.3 million. Canadian Railway reported C$336 million in 1997 profit on C$3 billion in revenue, while Illinois Central posted C$141 million in profit and C$700million in revenue in 1997. The merger, which is awaiting approval from the US Surface Transportation Board, will create the fifth-largest railway in North America.

Comment:

Intends to earn C$216.2 mil a year w/ C$3.7-bil purchase of Illinois Central due to improved efficiencies & added customers, US

United States, Railroads, Rail Transportation, Rail Mass Transit, Urban Transit Systems, Canadian National Railway Co., Illinois Central Corp.

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Ipsco cancels stock offering

Article Abstract:

Ipsco Inc. has cancelled its proposed stock offering of five million shares because of volatile markets and a decline in steel stocks. According to the company's vice president and CFO, Ed Tiefenbach, selling the shares at the current prices would not have reflected the company's value. Tiefenbach said that the company would only try to sell the shares again when the market for steel stocks has recovered. The offering would have boosted the company's common shares by 11% to 45.7 million. The company plans to continue its expansion in southern US despite the loss of financing.

Comment:

Has cancelled its proposed stock offering of five million shares because of volatile markets and a decline in steel stocks

Securities issued, listed, Iron and Steel Pipe and Tube Manufacturing from Purchased Steel, Steel Alloy Pipe & Tubing, Steel products, Alloy steel, Ipsco Inc.

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FirstService buys U.S. companies

Article Abstract:

FirstService Corp., the biggest management firm for community associations in North America, has purchased Fairfax, VA-based Armstrong Management Service Inc. and Phoenix, AZ-based Rossmar Management Co. Armstrong Management Service and Rossmar Management net approximately $12.5 million in combined sales every year. The three companies cater to the management needs of community associations, which handle the provision of services for developments in residential areas.

Comment:

Purchases Fairfax, VA-based Armstrong Management Service & Phoenix, AZ-based Rossmar Management

Virginia, Management Consulting Services, Business & Mgmt Consulting, Consulting services, Armstrong Management Service Inc., Rossmar Management Company Inc., FirstService Corp.

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