WATERLOO, Iowa (AP) — Canadian National is buying a small railroad iowa To expand its network in the United States.
CN announced an agreement Wednesday to buy Iowa Northern Railway, but did not disclose financial terms. The transaction must be approved by the US Surface Transportation Board next year before it can be completed.
Iowa Northern owns approximately 275 miles of track serving a mix of agricultural and industrial shippers in the state. Iowa Northern Chairman Daniel Sabin said he believes CN will maintain its railway's commitment to providing reliable service while helping connect shippers to larger markets.
CN CEO Tracy Robinson said the deal should strengthen the Montreal-based railroad. CN is already one of the six largest railroads in North America, with more than 18,000 miles of track in Canada and the United States.
“By enabling us all to play an even greater role in this vital supply chain and strengthening our southern network, we are accelerating sustainable, profitable growth,” Robinson said.
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