Monday, June 12, 2017

Public Belt Railroad to be acquired by Port of New Orleans

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Public Belt Railroad to be acquired by Port of New Orleans Port of New Orleans

The Port of New Orleans will acquire the New Orleans Public Belt Railroad under an agreement between the city of New Orleans, the port and the railroad.

Stakeholders say the move is expected to give the port greater competitive advantage in international trade. The Public Belt Railroad will continue to serve the Port of New Orleans and can proceed with plans to invest and grow. The move is expected to give the port greater competitive advantage in international trade, which will be an economic boon for the city.

"Aligning the Public Belt with the port gives us long-term stability and renewed momentum to pursue our growth potential while capitalizing on the synergies between us," said Douglas D. Campbell, CEO of the New Orleans Public Belt Railroad. "The port and the Public Belt have a record of teamwork dating back to our inception over 100 years ago. We will continue to work hand in hand in partnership to facilitate commerce and economic development for the region."

Under the agreement, the port will recognize the rights of the employees of the Public Belt system under existing contracts and applicable law. Additionally, the city, port and Public Belt will also be working together for any legal and regulatory approvals necessary to finalize the transfer of assets.

The Port Board of Commissioners held a special meeting to consider the framework on Friday, June 9, while the New Orleans Public Belt Commission will convene Monday, June 12, to discuss the agreement.

"This is a win-win-win for all involved. Our guiding principle from the outset of this process has been to do what is in the best interest of the citizens of New Orleans," said Mayor Mitch Landrieu. "It is clear that the Public Belt Railroad is a critical element of the port's competitive advantage, which means it is critical for the future growth potential in trade and commerce and the long-term economic success of the city. Improving our port's competitive advantage will mean more good-paying jobs for our residents."

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