"The acquisition of EMD is a natural fit as it supports our enterprise strategy to aggressively grow our Energy Power Systems business, of which the rail industry is an important component," said Caterpillar Vice Chairman and CEO Doug Oberhelman. "Both EMD and Progress Rail will continue to produce innovative solutions to establish leadership positions in the United States and abroad," continued Oberhelman.
"This acquisition further strengthens Progress Rail's unmatched portfolio of products and component support of our rail-related services and solutions," said Progress Rail CEO Billy Ainsworth. "Together with Caterpillar and EMD's engine solutions, our comprehensive offerings can power trains that will deliver sustainable and clean transportation for the public and our customers for years to come," continued Ainsworth.
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.
EMD will remain headquartered in LaGrange, Ill. John Hamilton will continue as president and CEO of EMD and will report to Billy Ainsworth.