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Rail News: M&A

Sumitomo subsidiary acquires Southern Illinois Railcar

SC Rail Leasing America Inc., a subsidiary of Sumitomo Corp. of America and Sumitomo Corp., recently acquired Southern Illinois Railcar Co. (SIRC) and Ohio Ag Terminals L.L.C. Terms weren’t disclosed.

Formed in 1990 by Fred and Jeanie Parsons, SIRC specializes in covered hopper cars, and currently owns and manages more than 2,500 rail cars. With Ohio AG, SIRC operates rail-car repair and material transload facilities in Carterville, Ill., and Cairo, Ohio. SIRC also provides rail-car management and brokerage services.

SC Rail Leasing America plans to expand its fleet to more than 8,000 rail cars in five years, according to a Sept. 10 statement.

Contact Progressive Railroading editorial staff.

More News from 9/11/2007