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Rail News: M&A
7/18/2006
Rail News: M&A
Iowa Interstate closes on Great Western acquisition
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Iowa Interstate Railroad Ltd. (IAIS) has completed its purchase of OmniTRAX’s Great Western Railway of Iowa L.L.C.
The acquisition, which had been announced in March, will enable the 552-mile IAIS to expand operations in the Council Bluffs, Iowa, area.
“Our intermodal facility was nearing capacity and interchange business with Union Pacific and BNSF has been growing, also,” said IAIS President and Chief Executive Officer Dennis Miller in a prepared statement. “The long-term plan will be to rehabilitate the newly acquired railroad, and incorporate the yards and operations into one facility.”
As a terminal switching carrier, the Great Western operated 30 miles of yard and industry tracks, provided rail-car storage and repair services, and served a transload facility and grain elevator. The short line interchanges with IAIS, BNSF Railway Co., Union Pacific Railroad and CBEC Railway Inc.
The acquisition, which had been announced in March, will enable the 552-mile IAIS to expand operations in the Council Bluffs, Iowa, area.
“Our intermodal facility was nearing capacity and interchange business with Union Pacific and BNSF has been growing, also,” said IAIS President and Chief Executive Officer Dennis Miller in a prepared statement. “The long-term plan will be to rehabilitate the newly acquired railroad, and incorporate the yards and operations into one facility.”
As a terminal switching carrier, the Great Western operated 30 miles of yard and industry tracks, provided rail-car storage and repair services, and served a transload facility and grain elevator. The short line interchanges with IAIS, BNSF Railway Co., Union Pacific Railroad and CBEC Railway Inc.
