Progress Rail, a Caterpillar company, has signed an agreement to acquire Vossloh North America subsidiary Cleveland Track Material (CTM). With facilities located in Cleveland, Ohio; Reading, Pa.; and Memphis, Tenn.; CTM has served as a supplier of specialty trackwork to North American Class I and transit railroads since 1983.
CTM’s speciality trackwork portfolio, which includes panelized turnouts and crossings, special trackwork assemblies, switch points, frogs and crossing diamonds, brace and plating systems, rail joints and guard rails, “will complement Progress Rail’s current trackwork products,” said Progress Rail Executive Vice President Infrastructure John Newman. “We look forward to welcoming the CTM employees into the Progress Rail family. This acquisition allows Progress Rail to more-efficiently meet the needs of our North American rail customers by broadening our portfolio of best-in-class infrastructure solutions and positioning our trackwork team to better-serve both Class I railroads and transit sector.”
“We are pleased to have found the right partner in Progress Rail, which will be able to successfully develop CTM,” said Vossloh Regional President North America Eliseo Bandala. “This gives CTM employees a long-term perspective, which was of great importance to us in the divestment process.”
The transaction is anticipated to close in early November.
Progress Rail describes itself as “ one of the largest integrated and diversified providers of rolling stock and infrastructure solutions and technologies for global rail customers. Progress Rail delivers advanced EMD locomotives and engines, railcars, trackwork, fasteners, signaling, rail welding and Kershaw Maintenance-of-Way equipment, along with dedicated locomotive and freight car repair services, aftermarket parts support and recycling operations. The company also offers advanced rail technologies, including data acquisition and asset protection equipment.” The company has a network of nearly 200 locations across the U.S., Canada, Mexico, Brazil, Germany, Italy, Australia, China, India, South Africa, the United Arab Emirates and the United Kingdom.