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OmniTRAX Inc. has entered into a contract to purchase the assets of the San Luis & Rio Grande Railroad (SLRG) out of bankruptcy, the company announced today.
The parties expect to close the transaction later this year. The acquisition marks OmniTRAX’s 26th rail operation, which will expand its rail network to more than 2,000 miles across North America, doubling its Colorado footprint, company officials said in a press release.
Built in 1870, the 155-mile railroad has played a "vital role in moving freight throughout the West," according to OmniTRAX. The SLRG also provides a statewide freight connection between the San Luis Valley and Colorado’s Eastern Plains.
The acquisition will provide an expanded reach for the line’s active rail customers and new opportunities to grow the region’s economic base, OmniTRAX officials said.
"The SLRG removes tens of thousands of trucks from Colorado’s highways and the Sangre de Cristo Mountain range’s scenic La Veta Pass," said OmniTRAX CEO Dean Piacente. "Rail continues to be the most eco-friendly freight solution over land and that’s especially important to such a vibrant part of our state."