The Andersons acquires stake in Iowa railroad
5/26/2010The Andersons Inc., Maumee, said yesterday that it secured a minority investment
in the Iowa Northern Railway Co., which operates a 163-mile short-line railroad in Iowa that runs northwest to southeast from Manly to Cedar Rapids. It also operates a branch line from Waterloo to Oelwein.
Iowa Northern operates a fleet of 21 locomotives and 500 railcars, primarily serving
agribusiness customers. Officials of The Andersons said the investment had been a strategic priority of the company's rail group and gives the local company new business opportunities.
No price on the investment was disclosed.