GLE and RailAmerica Reach Agreement for Sale
of New England Central Railroad
Acquisition promises to boost
rail service across the entire New
England Region as a single line rate
structure and railroad are formed.
New England to see better continuity of service with the
GLE aquisition of the New England Central Railroad
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HARRISBURG, PA and ST. ALBANS, VT (PRWEB)
September 8, 2009 – Fortress
Investment Group's RailAmerica,
Inc., one of the nation's largest
owners and operators of regional and
short-line railroads, and Great
Lakes Eastern Railroad Company, a
Class I railroad based in
Pennsylvania, have reached an
agreement for the sale of the New
England Central Railroad (NECR) to
the Great Lakes Eastern Railroad (GLE),
effective January 1, 2010, pending
Surface Transportation Board
approval.
GLE will acquire all real estate,
rights and accesses of the NECR for
approximately $420 million and
expand its presence in the New
England market. The NECR currently
operates 394 miles of railroad
between the Vermont and Quebec
border just south of Montreal on the
north and tidewater at the Port of
New London, CT on the south.
NECR currently interchanges with:
Canadian National at East Alburg,
VT; Canadian Pacific at Bellows
Falls, VT; and GLE at Palmer, MA.
Other interchange includes the
Vermont Railway at Burlington, the
Washington County Railroad,
Claremont & Concord Railroad, Pan Am
Railway, Green Mountain Railroad,
Mass Central Railroad and Providence
& Worcester Railroad at various
points in Vermont, Massachusetts and
Connecticut.
 NECR has provided service of mixed
(import and domestic) double stack
COFC container clearances from
the Canadian border to PW at
Willimantic, CT to/from intermodal
terminal in Worcester, MA.
NECR also provided on-dock
transatlantic steamship access at
Port of New London, CT.
Major commodities featured for
movement on the NECR include lumber,
panels & plywood, poles, newsprint,
printing paper, compressed gas,
chemicals, fuel oils, road salt,
ferrous and non-ferrous metals,
fabricated metals, resins, TOFC/COFC,
finished vehicles, feed mill
ingredients, machinery & equipment,
recyclables, ash, construction
debris, foodstuffs and non-metallic
minerals.
Additionally, the GLE will grant
trackage rights to the Vermont Rail
System between Burlington and
Palmer, MA. VRS will have access to
facilitate direct interchange to its
Washington County Subsidiaries at
Montpelier Jct. and White River
Jct., VT, as well as make direct
interchange connections to other
operators between Bellows Falls and
Palmer, MA . As part of that
deal Pan Am Railway will continue to
operate via trackage rights from
East Northfield, MA to White River
Junction.
Interchange Partners
· PW - New London,
Connecticut
· PW - Willimantic,
Connecticut
· MCER - Palmer,
Massachusetts
· CCRR - Claremont, New
Hampshire
· CPR & GMRC - Bellows
Falls, Vermont
· CPR & VTR - Burlington,
Vermont
· CN - East Alburgh,
Vermont
· WACR - Montpelier Jct.,
Vermont
· PAR, CCRR & WACR - White
River Jct., Vermont
· PAR - Brattleboro,
Vermont
About Great Lakes Eastern
Corporation
Great Lakes Eastern Corporation, a
Pennsylvania-based holding company
with headquarters in Harrisburg,
owns a major freight railroad, Great
Lakes Eastern Railroad Company,
which operates approximately 10,000
miles of railroad in 11 states and
the province of Ontario. For more
information, visit
www.greatlakeseastern.com.
About RailAmerica, Inc. RailAmerica
is a leading owner and operator of
North American regional and
short-line railroads. Headquartered
in Jacksonville, Fla., the company
operates railroads in 26 states and
three Canadian provinces, with more
than 8,000 miles of track.
RailAmerica is owned by funds
managed by affiliates of Fortress
Investment Group, a leading global
alternative asset manager with
approximately $34.3 billion in
assets under management. For more
information, visit
www.railamerica.com and
www.fortress.com.
Media Contacts:
GLE - Stan Ardman
Stan.Ardman@greatlakeseastern.com
RailAmerica – Michelle King
Michelle.king@railamerica.com
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