The Andersons, Inc., has completed the acquisition of 1,180 rail cars to be added to the assets of the Rail Group. Terms of the purchase were not disclosed.

The company also announced it has finalized a $1 million investment in Iroquois Bio-Energy Company, LLC, in Rensselaer, Ind. The Andersons' Grain Division is under contract to provide grain origination services to the IBEC facility.

The 1,180-rail-car purchase boosts the inventory owned or managed by the Rail Group to 15,980, which is an 8% increase from the year-end high of 14,800 cars. The group also controls more than 115 locomotives. The purchase adds a variety of car types and lease arrangements to the Rail Group's current portfolio. The Andersons Rail Group is among the top 10 rail management companies serving the North American market. In addition to providing leasing and management services, the group also repairs/reconfigures cars to customer specifications at its repair facilities in Ohio and South Carolina, and operates a steel-fabrication business in Ohio.

Source: PRNewswire