RailAmerica declared that it has acquired a Michigan short-line railroad, a Northeast short-line railroad and a transload operator in a deal worth $58 million and Marquette Rail for $40 million.
RailAmerica President and CEO John Giles said, “The acquisition of Marquette represents an attractive opportunity to invest in a high-quality franchise with a solid base of revenue from large, long-term customers and drive substantial near-term growth from new developments on the line. In addition, the railroad is in close proximity to RailAmerica\'s existing Michigan operations, which we expect will create significant operating efficiencies.”
RailAmerica believes that Marquette will create up to $13 million of revenue over the next 12 months.
RailAmerica also purchased a 70% interest in Wellsboro and Coming Railroad, and Industrial Waste Group from the Myles Group for $18 million.
Giles said, “The rail and transloading infrastructure at Wellsboro is uniquely located in the heart of the northern Marcellus Shale and represents a key asset in the transportation of both inbound and outbound products for major exploration and production companies.”
RailAmerica President and CEO John Giles said, “The acquisition of Marquette represents an attractive opportunity to invest in a high-quality franchise with a solid base of revenue from large, long-term customers and drive substantial near-term growth from new developments on the line. In addition, the railroad is in close proximity to RailAmerica\'s existing Michigan operations, which we expect will create significant operating efficiencies.”
RailAmerica believes that Marquette will create up to $13 million of revenue over the next 12 months.
RailAmerica also purchased a 70% interest in Wellsboro and Coming Railroad, and Industrial Waste Group from the Myles Group for $18 million.
Giles said, “The rail and transloading infrastructure at Wellsboro is uniquely located in the heart of the northern Marcellus Shale and represents a key asset in the transportation of both inbound and outbound products for major exploration and production companies.”