Grenada Railroad LLC has been acquired by Boca Raton, Florida-based International Rail Partners LLC from Iowa Pacific Holdings LLC.
Grenada Railroad operates a rail line serving the 212 miles between Memphis and Canton, Miss., and transports about 10,000 freight carloads each year.
The sale took place Aug. 2, sources said.
According to the company, Grenada’s rail operations transport commodities such as forest products, plastics, petroleum products, flour and grain from north and central Mississippi.
International Rail also intends to work with the North Central Mississippi Regional Railroad Authority (NCMRRA) to reopen an 81-mile rail line running from Grenada to Canton, that closed in 2011. A $7.5 million U.S. Department of Transportation grant will be part of the plans to restore that line to service.
“We look forward to working with NCMRRA, shippers and the local community to grow and enhance Grenada’s short-line rail operation,” said Gary Marino, chairman and chief executive officer of International Rail.
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