Business

R.J. Corman buying Canadian company's assets

Nicholasville-based R.J. Corman Railroad Group is buying some assets of a Canadian company that develops cleaner locomotives.

Railpower Technologies Corp. had previously sought protection from its creditors and is now selling off some assets.

Under the deal, the financial terms of which were not disclosed, R.J. Corman would then sell some of those to a new company being formed by some current members of Railpower's management.

R.J. Corman will retain certain intellectual property that will allow it to assemble and remanufacture old switcher locomotives with new more fuel-efficient and environmentally friendly technology.

The deal is expected to close no later than May 20.

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