Patriot agrees to buy rail lines from Weyerhaeuser
ACROSS MISSISSIPPI — Patriot Rail Corp., a privately-held short line and regional freight railroad holding company based in Boca Raton, Fla., has agreed in principle to purchase the short line railroad assets of Weyerhaeuser Company.
The acquisition is subject to certain closing conditions, including Patriot’s due diligence and regulatory approval, and is expected to close in the fourth quarter of 2010. Terms were not disclosed.
The six railroads operate over approximately 160 miles of track in four states and currently handle approximately 60,000 carloads of freight annually. The railroads include the Golden Triangle Railroad, which operates over 13.3 route miles in Central Mississippi, and the Mississippi & Skuna Valley Railroad, which owns 21 route miles in Mississippi. The other railroads are operate in Oklahoma, Arkansas and Washington.
The railroads primarily source Weyerhaeuser and International Paper mills, move finished products and serve some third-party customers. The railroads employ approximately 120 people.
Patriot owns and operates six short line freight railroads comprising 331 total rail miles in eight states. In addition, Patriot recently signed an agreement to lease and operate the 13-mile Piedmont & Northern Railroad in Gaston County, N.C.
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