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5/28/2002



Rail News: Rail Industry Trends

RailAmerica sells stock, leases assets of two Texas short lines


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.


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