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R. J. Corman Railroad Group LLC yesterday announced a final agreement to acquire Owego and Harford Railway Inc., Lehigh Railway LLC and Luzerne and Susquehanna Railway Co., as well as TranZ, a transload service provider.
R. J. Corman is acquiring the companies from Steve May, president of the short lines and TranZ. The closing is subject to regulatory approvals, R. J. Corman officials said in a press release.
The short lines haul sand, drill cuttings, scrap, feed products, fertilizer, pipe, plastic, propane, chemicals, wood products and other freight.
TranZ operates a bulk transfer station on the Lehigh Railway in Wyalusing, Pennsylvania. Owego and Harford is a 26.7-mile railroad in New York that operates on a long-term lease from the Tioga County Industrial Development Agency. Lehigh Railway operates on 56 miles of track in north-central Pennsylvania owned by Norfolk Southern Railway. Luzerne and Susquehanna operates over 60 miles of track in northeastern Pennsylvania and leases property from the Luzerne County Redevelopment Corp. under a multiyear operating agreement.
Combined, the three lines transport more than 14,000 carloads annually, interchanging with NS and Reading, Blue Mountain and Northern Railroad, R. J. Corman officials said.
The companies have a reputation for being "safe, customer-centric and innovative, which is evidenced in how they have brought new customers online and grown carload volume," said Ed Quinn, president and chief executive officer of R. J. Corman Railroad.
"Over the past 18 months, R. J. Corman has positioned itself well to make strategic acquisitions to grow our presence in the short line railroad industry, and we're grateful to Steve May for entrusting us to bring these remarkable operations under the R. J. Corman banner," Quinn said.