Winchester & Western Railroad Acquisition Confirmed
A $105 million acquisition of the Winchester & Western Railroad (WW) is confirmed to close sometime around Q3 2019, between affiliates of OmniTRAX and the Broe Group according to information released this week.
OmniTRAX and Broe Group are participants in the definitive agreement to acquire the Winchester & Western Railroad from Covia Holdings Corporation which currently operates throughout Maryland, New Jersey, West Virginia and Virginia. The acquisition ultimately expands OmniTRAX’s short-line reach into the east coast markets, adding access to 100 million people per transit day.
“OmniTRAX has been growing at an average annual rate of 20+ percent for the past five years and the acquisition of this strategic distribution hub is a deliberate step toward enhancing the continued growth and strength of our thriving network,” said Kevin Shuba, OmniTRAX CEO.
OmniTRAX‘s Precision Scheduled Short Line Railroading – known for decreasing operational costs, is one of the strategies expected for the WW upon closing of the acquisition. Its point-to-point delivery approach will increase performance, service, growth and safety.
“Our expansion into these dynamic markets with a diverse, established customer base and strong regional economic partners offers tremendous growth potential and we have high expectations for economic impact and job production,” Shuba concluded.