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Revell's HO-scale train line was introduced in 1956.  According to Thomas Graham's book Remembering Revell Model Kits, management changes and poor response to the HO-scale train line caused its demise in the early 1960s.  Graham states that Revell's loss was listed by the company at $5 million on the HO-scale train line.

Above is a copy of an ad for Revell's N-scale Rapido line of model trains.  Following their exit from the HO-scale market in the '60s, Revell returned to trains in the smaller N-scale in the late '60s.
 
Revell did issue some the structure kit line again in 1977.  Revell-Monogram in the '70s produced a series of static HO-scale plastic steam engine kits.
 
As happens frequently in the hobby world, the molds for the Revell line did not collect dust for long.  Con-Cor in more recent times has issued numerous items from the former Revell HO-scale train line.  Con-Cor re-issued the Revell SW-7 diesel switcher.  The SW-7 model from Con-Cor even has examples powered with a drive mechanism produced by Kato of Japan.  In the late 1980s, Con-Cor had an announcement in their Trainalog product catalog that stated an F-7A was coming in 1989.  The catalog includes a picture of a collection of F-units lined up, all appear to be custom decorated Athearn models, with one F-3A in Union Pacific dress standing before the group.  The F-3A looks to be Model Power's clone of the old Cox tooling.  To my knowledge Con-Cor never issued this promised F-7A, but one could assume it might have been the former Revell tooling.
 
Some of the Revell freight cars survived into Con-Cor's line of products, as did the Operating Hopper and many of Revell's structure kits originally produced for the train line.