Pacific National - History

History

In February 2002, the mainly Australian Government-owned National Rail Corporation's freight operations and rollingstock were combined with the New South Wales Government-owned FreightCorp and sold to Toll Holdings and Patrick Corporation as Pacific National.

In 2004, Pacific National purchased Australian Transport Network, operator of TasRail. In the same year, Pacific National also acquired Freight Australia, operator of freight services in Victoria, giving Pacific National control of the Victorian non-urban rail track, excluding the interstate network which is controlled by the Australian Rail Track Corporation.

As part of the sale conditions the Australian Competition and Consumer Commission (ACCC) attached special conditions to the sale to ensure competition in the rail freight industry. The company was required to provide a 'starter pack' of locomotives, wagons, train paths, and freight terminals for a third part rail operator on the east-west route across the Nullarbor Plain. Pacific National has since leased to competitor Specialised Container Transport 9 refurbished G class diesel locomotives for use on SCT's trains, and had to continue the 'hook and pull' contract with SCT until their own locomotives arrived

In 2005 subsidiary company Pacific National Queensland became the first non-Queensland Rail narrow gauge commercial rail operation in Queensland, with the commencement of container services between Brisbane and Cairns.

In November 2006 Pacific National entered into an in-principle agreement to sell the remainder of its Victorian rail lease of the network back to the Victorian Government for $133.8m, during the caretaker period following the issuing of the writs for 25 November 2006 Victorian State election. The sale was completed on 7 May 2007, with state government owned V/Line managing the track.

In 2006 Toll launched a hostile take-over of Patrick Corporation which was successful and saw Toll Holdings receive 100% ownership of Pacific National. In 2007 Toll Holdings was restructured into two separately ASX listed companies: Toll Holdings and Asciano Limited. Part of this restructure, Pacific National became a wholly owned subsidiary of Asciano Limited.

In 2009 Pacific National Queensland further expanded their narrow gauge operations, entering the export coal market formerly dominated by incumbent Queensland Rail.