Alliant Energy’s transportation subsidiary and Hybrid Transit Systems agree to sale terms
CEDAR RAPIDS – October 22, 2018 – Alliant Energy Transportation (AET), a wholly owned subsidiary of Alliant Energy Corp., has entered into a purchase agreement with Cedar Rapids-based, Hybrid Transit Systems.
Headquartered in Cedar Rapids, AET currently operates the Cedar Rapids and Iowa City Railway, and IEI Barge Services in East Dubuque, Ill. The acquisition of Hybrid adds freight- management expertise to its portfolio.
“We are proud to add Hybrid’s expanded services and experienced professionals to our team. By combining our considerable resources, we can create a more competitive organization with custom supply chain solutions for our shippers,” said Kevin Burke, President – Alliant Energy Transportation.
Hybrid President and CEO, John Miller explains how the opportunity is a smart strategy for both companies. “With our combined portfolio of products and services we’re fueled for growth with the financial strength to better provide long-lasting, seamless solutions. We look forward to this partnership.”
No Alliant Energy utility customer dollars are being used for this sale. The purchase is wholly through a non-regulated subsidiary.