January 14, 2016
"We'll do everything in our power to make them not happen."
Fritz was addressing a group of rail shippers in Chicago on Wednesday and said that the railroad was talking with federal and state legislators, along with customers and the Surface Transportation Board about why future mergers would be bad.
He said that mergers would create problems in Chicago. When the last set of mergers happened in the 1990s, it created huge service issues.
Meanwhile, CSX Transportation Chairman and CEO Michael Ward told the Associated Press that he also doesn’t think mergers were a good idea.
"I really don't think mergers within the industry, in any form, make much sense," Ward said.
He also said there are no significant benefits to companies combining, and regulators would most likely not approve such actions without making changes that would increase costs.
Ward said that Class I railroads can expand their capacity and already have room to improve without needing to merge.
"I don't believe it's needed. I think each of the existing Class I railroads have an opportunity to create great shareholder value without a merger."