MIDSOUTH REACHES AGREEMENT TO ACQUIRE NEW RAILROAD
MIDSOUTH REACHES AGREEMENT TO ACQUIRE NEW RAILROAD JACKSON, Miss., Nov. 12 /PRNewswire/ -- MidSouth Corporation
(NASDAQ: MSRR) today announced that it has signed an agreement in principle to acquire the assets of The Corinth and Counce Railroad Company, a wholly owned subsidiary of Packaging Corporation of America.
MidSouth will make the acquisition through a newly formed operating subsidiary, TennRail. CCR, a 26-mile railroad that primarily serves PCA's flagship linerboard mill at Counce, Tenn., connects to SouthRail Corporation, another MidSouth subsidiary, at Corinth, Miss. TennRail's acquisition of the CCR assets will give MidSouth rail access to a fourth major paper mill. "This transaction furthers our corporate goal of synergistic acquisitions," MidSouth Chairman Mark M. Levin explained. "We are able to operate this line very efficiently as an add-on to our existing operations. Furthermore, significant opportunities for traffic increases will be afforded our other subsidiaries," Levin added. Consummation of the transaction, which is scheduled to occur before year-end, is contingent upon receipt of necessary regulatory approvals, board approvals and the execution of a definitive purchase agreement. -0- 11/12/91 /CONTACT: John A. Scotto of MidSouth, 601-949-4366/ (MSRR) CO: MidSouth Corporation; The Corinth and Counce Railroad Company; Packaging Corporation of America ST: Mississippi, Tennessee IN: TRN SU: TNM JT -- NY100 -- 3698 11/12/91 18:49 EST
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|Date:||Nov 12, 1991|
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