Genesee & Wyoming buys Maryland short line

Genesee & Wyoming buys Maryland short line Greenwich, Conn.-based railroad company Genesee & Wyoming Inc. said it has entered into an agreement to acquire 87.4 percent of Maryland Midland Railway Inc. for about $29.1 million cash, with adjustments for working capital at the time of closing.
   The transaction is subject to customary closing conditions, including receipt of regulatory approvals and Maryland Midland stockholder approval. Genesee & Wyoming said it had “secured voting agreements from the requisite number of Maryland Midland stockholders needed to approve the transaction, which is expected to close during the fourth quarter of 2007.”
   Headquartered 50 miles northwest of Baltimore, the Maryland Midland operates more than 63 miles of track and carriers about 16,000 carloads per year, with roughly 90 percent of its traffic in the cement and stone industries.
   Maryland Midland operates between Glyndon and Highfield, Md. (near the Pennsylvania border), and between Walkersville and Taneytown, Md. Maryland Midland has 30 employees, 10 locomotives and is an interline carrier with CSX.