Rail

Caterpillar unit to buy Electro-Motive Diesel

Posted on June 1, 2010

Progress Rail Services, a wholly-owned subsidiary of Caterpillar Inc.,  has signed a definitive agreement to purchase Electro-Motive Diesel (EMD) for $820 million in cash from Berkshire Partners LLC and Greenbriar Equity Group LLC.

Upon completion of the transaction, EMD will become a wholly-owned subsidiary of Progress Rail.

Progress Rail Services is one of the largest providers of rail and transit products
and services in North America, including: locomotive upgrade and repair, railcar
remanufacturing, trackwork, rail welding, rail repair and replacement, signal design and installation, maintenance of way equipment, parts reclamation and recycling.

With 2009 revenues of $1.8 billion, EMD has the largest installed base of diesel-electric locomotives in the world and offers the most extensive range of locomotive products in the rail and transit industry, according to a company statement.

“We feel this is an ideal fit for EMD and our customers and we look forward to
developing and providing an even greater portfolio of products and services for the rail
and transit industry that we have proudly served for more than 85 years,” said John S.
Hamilton, president and CEO of Electro-Motive Diesel.

 

View comments or post a comment on this story. (0 Comments)

More News

Alstom awarded contract for 25 more 'Jazz' trains

The new orders, which are exercised as two options under a contract signed in 2012, bring Trenitalia’s mostly Italian Jazz fleet to 95 trainsets.

Japanese maglev train breaks own speed record

The train reached 375 miles per hour in a test run on Tuesday, surpassing its previous record of 361 miles per hour set in 2003. The train traveled for just over a mile at a speed exceeding 373 miles per hour.

VRE making first service expansion in 23 years

The $3.4 million North Virginia station is the first of several major projects the agency is pursuing as part of its goal to double ridership by 2040. Next month, it will launch a mobile app to give riders the option of purchasing and showing tickets via smartphones, and it will add a train to the Fredericksburg Line this summer.

N.Y. subway ridership reaches 65-year high

The increased number of customers creates challenges for the MTA to operate the subway system while minimizing delays, crowding and inconvenience. The subway system has traditionally performed maintenance work during off-peak hours, which are now experiencing record ridership.

Mass. Gov. to unveil sweeping MBTA reforms

Gov. Charlie Baker recently secured the resignations of the six Patrick administration appointees on the state transportation board and had a "clarifying" conversation with the MBTA’s interim boss Frank DePaola after he went public with concerns about the governor’s plan.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 truck Fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close