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OmniTRAX has purchased the 110 km Heart of Texas Railroad from local private investors, and is to rename it Central Texas & Colorado River Railway.
The transaction is subject to Surface Transportation Board approval, and terms were not disclosed. The shortline group said potential new customers for the line include an aggregate quarry, cement factory and frac sand producers.
‘The Central Texas & Colorado River Railway is a great opportunity for OmniTRAX with at least three good long-term mineral prospects on the line’, said OmniTRAX CEO Kevin Shuba. ‘As a distressed asset that can be turned around with our expertise, it’s right in our sweet spot. We want to thank the sellers for their efforts in starting to implement a restructuring plan and making the closing of the transaction as smooth as possible.’
This article first appeared on www.railwaygazette.com
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