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Article: Caterpillar to Acquire Progress Rail, One of the Largest Suppliers of Aftermarket Services to the North American Railroad Industry.
- Article from:
- PR Newswire
- Article date:
- May 16, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Continued Growth in Services Is an Important Part of Caterpillar's Vision 2020 Strategy
PEORIA, Ill., May 16 /PRNewswire-FirstCall/ -- Caterpillar Inc. has reached an agreement to acquire Progress Rail Services, Inc. (Progress Rail) for $1.0 billion in cash, stock and assumption of debt. Progress Rail is majority owned by One Equity Partners, a private equity affiliate of JP Morgan Chase & Company, Inc.
Based in Albertville, Alabama, Progress Rail is a leading provider of remanufactured locomotive and railcar products and services to the North American railroad industry. With 2005 sales of $1.2 billion, the company has one of the most extensive rail ...