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| Progress Rail Services to acquire Electro-Motive Diesel Progress Rail Services has signed a definitive agreement to purchase Electro-Motive Diesel (EMD) for $820 million in cash from Berkshire Partners LLC and Greenbriar Equity Group LLC. Upon completion of the transaction, EMD will become a wholly-owned subsidiary of Progress Rail. Progress Rail is a wholly-owned subsidiary of Caterpillar Inc. (NYSE: CAT). Progress Rail Services is one of the largest providers of rail and transit products and services in North America. With 2009 revenues of $1.8 billion, EMD has the largest installed base of dieselelectric locomotives in the world and offers the most extensive range of locomotive products in the rail and transit industry. The acquisition is expected to close by the end of 2010, pending final regulatory approvals. EMD will remain headquartered in LaGrange, Ill. John Hamilton will continue as president and CEO of EMD and will report to Billy Ainsworth. write your comments about the article :: © 2010 Construction News :: home page |