Good commercial transportation is key to many businesses' growth, and that may soon be getting a little easier for rural northwest Michigan companies, as Marquette Rail has been bought by a national company with designs on rail expansion in the state.
Yesterday, RailAmerica Inc. announced it signed separate agreements to acquire employee-owned Marquette Rail L.L.C. for $40 million, and acquire a 70 percent interest in the Wellsboro and Corning Railroad (WCOR) and Industrial Waste Group (IWG) from Myles Group L.L.C. for $18 million.
The Marquette Rail acquisition is subject to final adjustments for working capital, customary closing conditions and Surface Transportation Board approval. Marquette Rail operates 126 miles of track from Grand Rapids to Ludington and Manistee, Mich.
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Source: Progressive Railroading