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Rail News: M&A

Progressive Rail to lease UP track in Minnesota, form new short line

Progressive Rail Inc. is seeking Surface Transportation Board (STB) approval to control Montgomery Short Line L.L.C., a new short line Progressive Rail plans to form after leasing track from Union Pacific Railroad in Minnesota, according to a STB filing.

Progressive Rail recently reached an agreement with UP to lease and operate 23.5 miles of track between Merriam and Montgomery, Minn. The parties expect to finalize the transaction on or after Nov. 24 pending a STB exemption.

Progressive Rail owns and operates lines in Minnesota and Wisconsin, and controls Central Midland Railway Co., which owns and operates rail property interests in Missouri.

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More News from 11/15/2007