CN blazoned that it has inked and closed an agreement to acquire Iowa Northern Railway( IANR), which operates roughly 275 track-long hauls in Iowa connecting to the U.S. rail network. The sale closed into an independent voting trust pending a nonsupervisory review of the sale by the U.S. Surface Transportation Board( STB).
IANR serves upper Midwest agrarian and artificial requests covering numerous goods, including biofuels and grain. This sale represents a meaningful occasion to support the growth of the original business by creating single-line service to North American destinations while conserving access to carrier options.
“ We’re pleased to have reached an agreement with Iowa Northern Railway. We look forward to the openings our combined network will give guests, growers, and our mates to respond to the requirements of their being and new requests. By enabling all of us to play an indeed more important part in this critical force chain and densifying our southern network, we’re accelerating sustainable, profitable growth. ”
- Tracy Robinson, President and Chief Executive Officer at CN
“ We’re veritably pleased to have reached a deal with CN. We believe CN shares IANR’s commitment to original stakeholders and that this sale will be salutary for guests, workers, and the original Iowa frugality. We’re confident that, as part of CN, IANR will be suitable to continue to give dependable first and last afar service to our original guests while furnishing them access to a much broader network and requests. -Daniel Sabin, Chairman at Iowa Northern Railway
The terms of this sale weren’t bared. An STB decision regarding the sale is anticipated in 2024.
About CN
CN is a world-class transportation leader and trade enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. CN’s network connects Canada’s Eastern and Western coasts with the U.S. South through an 18,600-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
About Iowa Northern Railway
The Iowa Northern, based in Waterloo, is a critical transportation network in Iowa, facilitating high levels of economic development for the communities it serves. The company has been long regarded as one of the country’s premier and fastest-growing independent shortline railroads led by the Sabin family.