Genesee & Wyoming Completes Acquisition of Maryland Midland Railway
GREENWICH, Conn., January 1, 2008 -- Genesee & Wyoming Inc. (GWI) (NYSE:GWR) announced today that it has completed its acquisition of 87.4% of Maryland Midland Railway, Inc. (Maryland Midland) for cash consideration of approximately $29.1 million, to be adjusted for final working capital.
Maryland Midland, located approximately 40 miles from GWI's York Railway, operates over 63 miles of track between Glyndon and Highfield, Md., and between Walkersville and Taneytown, Md. It has 30 employees and is an interline carrier with CSX.
Lehigh Cement, which is Maryland Midland's largest customer, retains its 12.6% ownership of the railroad.
GWI is a leading owner and operator of short line and regional freight railroads in the United States, Canada and Australia and owns a minority interest in a railroad in Bolivia. Operations currently include 48 railroads organized in nine regions, with more than 5,800 miles of owned and leased track and approximately 3,500 additional miles under track access arrangements. GWI provides rail service at 12 U.S. ports and also performs contract coal loading and railcar switching for industrial customers. Corporate headquarters is in Greenwich, Conn.
Michael E. Williams,
Director, Corporate Communications,
Genesee & Wyoming Inc.,
(203)413-2116
Source: Genesee & Wyoming Inc.
Web site: http://www.gwrr.com/
