R. J. Corman Railroad Group, LLC announced the finalization of an agreement to acquire Owego and Harford Railway, Inc (OHRY), Lehigh Railway, LLC (LRWY), and Luzerne and Susquehanna Railway Company (LS) as well as TranZ, a transload service provider operating on the short line railroads. These entities are to be purchased by subsidiaries of R. J. Corman Railroad Group from Mr. Steve May, president of OHRY, LRWY, LS and TranZ. The closing is subject to customary regulatory approvals.<\/p>\n
\u201cThis group of companies has a great reputation for being safe, customer-centric and innovative, which is evidenced in how they have brought new customers online and grown carload volume,\u201d said Ed Quinn, president and CEO of R. J. Corman Railroad Group, LLC. <\/span><\/p>\n Quinn added, \u201cWhat Steve May and his team have built through their invaluable partnership with Tioga County Industrial Development Agency, Luzerne County Redevelopment Corporation, and Norfolk Southern is extremely impressive. We\u2019re excited to bring these short lines and related companies into the R. J. Corman family of companies and to continue the impeccable service they are known for by their customers. 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\u2019re grateful to Steve May for entrusting us to bring these remarkable operations under the R. J. Corman banner.\u201d<\/p>\n The three short line railroads haul a variety of freight including sand, drill cuttings, scrap, feed products, fertilizer, pipe, plastic, propane, chemicals, and wood products. TranZ operates a bulk transfer station on the Lehigh Railway in Wyalusing, PA. Owego and Harford Railway is a 26.7-mile railroad in New York that operates on a long-term lease from Tioga County Industrial Development Agency (TCIDA). <\/span><\/p>\n Lehigh Railway, which began operations in 2009, operates on 56 miles of track in North-Central PA owned by Norfolk Southern Railway Company. Luzerne and Susquehanna Railway operates over 60 miles of track in Northeastern PA and leases the property from the Luzerne County Redevelopment Corporation under a multi-year operating agreement. Altogether the three lines transport over 14,000 carloads annually, interchanging with Norfolk Southern and Reading Blue Mountain and Northern Railroad.<\/p>\n “I have been in the railroad business for 48 years and have spent the majority of those years building this group of companies,\u201d said Steve May, adding, \u201cEventually, a sale of what we have built here was going to be the most beneficial for my family, our investors, and the employees of my companies. It was extremely important that if and when I did decide to sell, it was to a company that saw the value in the people I employ and the customers I serve. I was very lucky to find a partner like R. J. Corman that possesses the knowledge and has the resources to do just that.\u201d <\/span><\/p>\n \u201cThis is bittersweet for me, but I am looking forward to pursuing some new challenges and spending some more time with my family,\u201d said May.<\/p>\n","protected":false},"excerpt":{"rendered":" R. J. Corman Railroad Group, LLC announced the finalization of an agreement to acquire Owego and Harford Railway, Inc (OHRY), Lehigh Railway, LLC (LRWY), and Luzerne and Susquehanna…<\/p>\n","protected":false},"author":5,"featured_media":80929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-80928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n