GREENWICH, Conn., January 1, 2008 /PRNewswire-FirstCall/ -- Genesee & Wyoming Inc. (GWI) announced today that it has completed its acquisition of 87.4% of Maryland Midland Railway, Inc. (Maryland Midland) for cash consideration of approximately $29.1 million, to be adjusted for final working capital.
Maryland Midland, located approximately 40 miles from GWI's York Railway, operates over 63 miles of track between Glyndon and Highfield, Md., and between Walkersville and Taneytown, Md. It has 30 employees and is an interline carrier with CSX.
Lehigh Cement, which is Maryland Midland's largest customer, retains its 12.6% ownership of the railroad.
GWI is a leading owner and operator of short line and regional freight railroads in the United States, Canada and Australia and owns a minority interest in a railroad in Bolivia. Operations currently include 48 railroads organized in nine regions, with more than 5,800 miles of owned and leased track and approximately 3,500 additional miles under track access arrangements. GWI provides rail service at 12 U.S. ports and also performs contract coal loading and railcar switching for industrial customers. Corporate headquarters is in Greenwich, Conn.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
Michael E. Williams, Director, Corporate Communications, Genesee & Wyoming Inc., (203)413-2116
