Norfolk Southern Corp. has completed a joint venture agreement with Pan Am Railways Inc., giving in a 50 percent interest in a rail line running between Mechanicville, N.Y. and Ayer.
The joint venture will also own secondary and branch lines in Massachusetts, New York, Connecticut, New Hampshire and Vermont.
Norfolk, which is based in Virginia, paid $140 million in cash and other property in the deal. More than half of that money will be invested in capital improvements on the rail lines over the next three years.
