Posted by: Joe Lomeli | Comments Off on The Portland Trailers article The Portland Trains, one of the oldest and largest rail companies in the world, announced that it is buying out the Portland Kittery Trading Post in Maine.
The Portland Trades said that the company’s board of directors approved the deal on Thursday.
The Portland Trade said in a statement that the deal is expected to create more than 2,500 new jobs in Maine and generate $2 billion in additional revenue over 10 years.
“We are delighted to announce this acquisition,” Kitterys chairman, Mark Stenberg, said in the statement.
“Kittery has been a leader in providing high-quality rail service and is a vital member of the Maine economy.
We will continue to provide our loyal riders and customers with outstanding service and outstanding products that will ensure they can travel safely and reliably.”
A majority stake in the Portland Trays shares is expected be split 50/50 between the Portland Trade and Kitteries management team, the Portland Tribune reported.
Read more at the Portland Trailer, Kitterie and Portland Trams web site.
About the Portland Trading Post The Portland Trading Posts is one of two railroad companies in Maine, according to the Maine State Department of Transportation.
The company operates the Portland Streetcar, the Maine Streetcar and the Portland Metro.
In addition to its Streetcar business, the company is a member of several commuter rail and light rail systems throughout Maine, including the Maine East Coast Railway.
The Trading Post operates two rail lines in Maine: the Portland Railway and the Kittering Railroad.