NORFOLK, Va. - Norfolk Southern says it's completed a deal that gives it a 50 percent stake in a rail line between Albany, N.Y., and suburban Boston, according to the Associated Press.
A regulatory filing says a Norfolk Southern subsidiary is contributing $140 million in cash and property to Pan Am Southern LLC.
In turn, the document filed yesterday says Pan Am Railways Inc. is contributing a 155-mile main line and 281 miles of secondary and branch lines in New York, Connecticut, Massachusetts, New Hampshire, and Vermont.
The venture is expected to improve track quality and boost train speed and reliability.
(This item was distributed April 13, 2009, by the Associated Press.)
