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As it stays its acquisition course, RailAmerica Inc. continues to divest what Chairman, President and Chief Executive Officer Gary Marino terms non-core, non-strategic properties to strengthen the holding company's financial portfolio.
RailAmerica May 28 sold the capital stock of 107-mile Texas New Mexico Railroad to Permian Basin Railways Inc., a wholly-owned subsidiary of Iowa Pacific Holdings L.L.C., for $2.25 million.
Permian Basin also signed a long-term operating lease with RailAmerica to control the assets of 108-mile West Texas & Lubbock Railroad.
"We remain committed to growing externally through tactical acquisitions, and internally through focused sales and marketing efforts," said Marino in a prepared statement.
Chicago-based Iowa Pacific Holdings owns and operates small- and medium-sized short lines and rail-related enterprises.