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Logistec to acquire QRC's Sydney Coal Railway


Yesterday, Canadian National Railway Co. announced its acquired three of Quebec Railway Corp.’s (QRC) short lines and a rail-freight ferry operation. Logistec Corp. is about to become the new owner of a QRC short line, too.

The cargo handler for eastern Canadian and U.S. ports recently reached a deal to acquire from QRC all outstanding shares of Sydney Coal Railway Inc. (SCR). Logistec will pay some cash at closing and the balance pending the distribution of proceeds from the sale of QRC's assets, which is projected to take no longer than 12 months following the closing of the SCR deal. Logistec currently owns a 16.2 percent stake in QRC.

The 14-mile SCR provides transportation, storage and warehousing services for coal moving from Sydney Harbour in Sydney, Nova Scotia, to an electrical generating station near New Waterford, Nova Scotia. The short line interchanges with the Cape Breton and Central Nova Scotia Railway.

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More News from 11/4/2008