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Rail News: M&A
OmniTRAX affiliate to acquire Winchester & Western Railroad
An OmniTRAX Inc. affiliate announced today it has agreed to acquire the Virginia-based Winchester & Western Railroad (WW) from Covia Holdings Corp.
The $105 million acquisition is expected to close in the third quarter. WW operates about 100 miles of track in Maryland, New Jersey, West Virginia and Virginia, and interchanges with CSX and Norfolk Southern Railway.
The acquisition expands OmniTRAX-managed short-line portfolio into key new distribution locations in multiple East Coast markets, OmniTRAX officials said.
OmniTRAX's use of precision scheduled short-line railroading — which uses point-to-point delivery methods to lower operating costs — will strengthen WW's performance, service, growth and safety, they added.
The WW acquisition is a "deliberate step toward the continued growth and strength of our thriving network," said OmniTRAX Chief Executive Officer Kevin Shuba.
“Our expansion into these dynamic markets with a diverse, established customer base and strong regional economic partners offers tremendous growth potential and we have high expectations for economic impact and job production," he added.
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