The Providence and Worcester Railroad (P&W) is an interstate regional freight carrier conducting railroad operations in Massachusetts, Rhode Island, Connecticut and New York. The P&W possesses the exclusive and perpetual right to conduct freight operations over the Northeast Corridor between New Haven, CT and the Massachusetts / Rhode Island border. The P&W began independent operations in 1973 and, through a service of acquisitions of connecting lines, has grown from 45 miles of track to its current system of approximately 516 miles. The largest international double stack intermodal facilities in New England are serviced by the P&W in Worcester, MA. P&W transports a wide variety of commodities for its customers including automobiles, construction aggregate, iron and steel products, lumber, coal, ethanol, chemicals, scrap metals, plastic resins, cement and processed foods. P&W’s customers include The Dow Chemical Company, Northeast Utilities, Exxon-Mobil, First Light Power Resources, Frito Lay, Inc., International Paper, Nucor Steel and Tilcon Connecticut. In the late 90’s MCRC provided $5 million of long term capital to support the continued expansion of the railroad. Our subordinated debenture has been repaid, but we remain an owner of P&W common stock.
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