July 1, 2014--ALBERTVILLE, Ala.—Progress Rail Services Corporation, a wholly owned subsidiary of Caterpillar Inc. (NYSE: CAT), has signed a definitive agreement to purchase Pacific Rail Engineering’s (PRE) track business. Pacific Rail Engineering is an Australian-based company that designs and manufactures specialized track products for the freight and transit rail markets.
“The acquisition of PRE is another step in expanding our global footprint to meet our customers’ needs,” said Billy Ainsworth, Progress Rail president and CEO, with responsibility for Caterpillar’s rail business. “With nearly 25 years of experience, PRE is well established in the Australian railroad supply market. This acquisition is a strategic opportunity to expand our offerings in an important market, including rail welding, Maintenance-of-Way equipment, asset protection products and wayside signaling products.”
“In acquiring the PRE Track Services business, Progress Rail has demonstrated confidence in the Australian track services sector and the opportunities it presents to introduce product and service innovation to this vital sector of our economy,” said John Williams, PRE managing director. “Our PRE employees, both past and present, can take pride in building the company into the recognized and respected company that it is today. I am confident Progress Rail will further improve the business through its considerable resources and proven capabilities on a global scale.”
The acquisition was finalized on June 17, 2014.
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About Progress Rail
Progress Rail Services Corporation (Progress Rail), a wholly owned subsidiary of Caterpillar Inc., is a leading supplier of remanufactured locomotive and railcar products and services to the railroad industry, operating one of the most extensive rail service and supply networks in North America. More than 8,000 employees serve customers in a network of more than 165 locations across the United States, Canada, Mexico, Brazil, Italy, Germany and the United Kingdom. Progress Rail is headquartered in Albertville, Ala. For more information, visit www.progressrail.com.