RailAmerica Signs Agreement to Acquire Majority Interest in the Wellsboro and Corning

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JACKSONVILLE, Fla., Feb. 1, 2012 /PRNewswire/ -- RailAmerica (NYSE: RA) today announced that it has signed an agreement to acquire a seventy-percent interest in the Wellsboro and Corning Railroad ("WCOR") and Industrial Waste Group ("IWG") from Myles Group for $18 million.  Members of the Myles family will retain the remaining thirty-percent interest in the companies and continue in senior leadership roles.  The acquisition is subject to customary closing conditions and is expected to be completed early in the second quarter of 2012.
The WCOR operates 38 miles of track running from Wellsboro, PA to Corning, NY handling a variety of industrial produc...


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