TRAVERSE CITY — Great Lakes Central Railroad has a new owner with plans to better serve existing rail customers, add new ones and invest in track maintenance.

Watco, an equity investor in Great Lakes Central Railroad since 2012, acquired the company on Wednesday, according to a release. The company will begin operations, once the Surface Transportation Board approves, on 386 miles of track that link Ann Arbor to Cadillac, with branches to Middleton, Oakley, Petoskey, Traverse City and Yuma, a system map shows.

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