Iowa Interstate Railroad sold

Iowa Interstate Railroad sold

A Pennsylvania company has purchased the Iowa Interstate Railroad, a Midwestern hauler of grain, steel and intermodal shipments.

Railroad Development Corp., a privately-held company headquartered in Pittsburgh, acquired IAIS and also the assets of Heartland Rail Corp.

Based in Iowa City, IAIS operates more than 500 miles of track between Council Bluffs and Chicago.

Heartland and RDC were partners since 1991 in the ownership of the IAIS. As a result of the transaction, IAIS now owns Heartland's assets and has become a wholly-owned subsidiary of RDC.

Heartland was formed in 1984 to purchase the main line of the Rock Island Railroad after that company's liquidation, and IAIS was created at the same time to operate the line as a through route.