In 1983, Steel Processing Services Inc., a recycling company, was founded by Caterpillar Group President, Billy Ainsworth. Steel Processing was acquired by Electric Fuels Corporation, combined with Corbin Railway Service Company and renamed to Progress Rail Services Corporation. In 2006, the company was acquired by Caterpillar Inc.
In March of 2019, Billy Ainsworth was promoted to Group President of Caterpillar’s Energy and Transportation Division, and Marty Haycraft, formerly Executive Vice President of Rolling Stock, was named President and Chief Executive Officer of Progress Rail. In 2023, Marty retired and John Newman, formerly EVP of Infastructure, was promoted to President and CEO of Progress Rail and SVP of Caterpillar.
Through organic growth and over 36 key acquisitions, including Electro-Motive Diesel in 2010 and ECM S.p.A. in 2018, Progress Rail has grown to be on the forefront of railroad innovation.