Chicago and North Western Negotiating U.P. Track Sale
ESCANABA, Mich. (AP) _ The Chicago and North Western railroad is negotiating with L.B. Foster Co. for the purchase of more than 300 miles of unprofitable track in Michigan and Wisconsin, according to the railroad.
If a final deal is struck, the purchase price will be more than $50 million, the Chicago-based railroad said Thursday.
The track has been up for sale for about a year, said Ken Kittleson, Chicago and North Western spokesman in Chicago.
The negotiations with L.B. Foster, a Pittsburgh-based company, involve sale of about 180 miles of track in Michigan’s Upper Peninsula.
″This does include the ore dock at Escanaba and all of the equipment that goes with that,″ Kittleson said. ″We have looked at all of our lines and those that are break-even or marginally profitable, we are considering selling. As of right now, this is the only line that there are active negotiations on.″
The Wisconsin track comprises Chicago and North Western’s lines north of Green Bay, Wis.
Chicago and North Western altogether operates 6,800 miles of track.