The Auburn-based St. Lawrence & Atlantic Railroad Co., is being sold to a larger railroad company.

Genesee & Wyoming Inc. announced plans Monday to pay $18.5 million and assume $10.9 million in debt to acquire Pennsylvania-based Emons Transportation Group, which owns the St. Lawrence & Atlantic.

The St. Lawrence & Atlantic, which owns and operates 275 miles of track from Maine to Montreal, employs about 100 people in Maine and Canada.

Bob Grossman, chairman, president and chief executive officer of Emons, said Tuesday that the deal should be a good one for Maine workers because the new company had a good reputation and more money.

“There will be new owners who have to make their own decisions, but one of the reasons they liked us was the quality of our work force. So I wouldn’t expect big changes,” he said from his office in York, Pa.

Rob Elder, director of freight transportation for the Maine Department of Transportation, agreed it was a good move. “It’s a good change for the future,” he said Tuesday. “It bodes well.”