Progress Rail Services

Progress Rail Services Corporation
Private (subsidiary of Caterpillar)
Industry Transportation
Founded Albertville, Alabama, U.S. (1982 (1982))
Headquarters Albertville, Alabama, United States
Number of locations
 United States - 110
Mexico - 28
Canada - 4
Brazil - 2
UK - 5
Italy - 1
Germany - 1
Area served
 Worldwide
Key people
 William P Ainsworth, Chief Executive Officer
Products
Services
Number of employees
 4,055
Parent Caterpillar
Divisions Engineering & Track Services (ETS)
Locomotive & Railcar Services (LRS)
Subsidiaries
Website progressrail.com
Footnotes / references
[1][2][3]

Progress Rail Services Corporation, a wholly owned subsidiary of Caterpillar since 2006, is a supplier of railroad and transit system products and services headquartered in Albertville, Alabama, United States.[1] Founded as a recycling company in 1982, Progress Rail has increased the number of its product and service offerings over time to become one of the largest integrated and diversified suppliers of railroad and transit system products and services in North America.[4] Progress Rail markets products and services worldwide and maintains 110 facilities in the United States, 34 in Mexico, four in Canada, two in Brazil, five in UK, one in Italy, and one in Germany.[1][2] Progress Rail is organized into two divisions: Engineering & Track Services (ETS) and Locomotive & Railcar Services (LRS).[3]

History

Progress Rail Services Corporation traces its roots to a recycling company founded in Albertville, Alabama, United States in 1982.[4]

Progress Rail became a division of Progress Energy in 2000 as a result of the merger of Florida Progress Corporation and Carolina Power & Light Company.

In February 2005, Progress Energy announced it was selling Progress Rail to One Equity Partners for $405 million.[5] The sale closed on March 28, 2005, with Progress Rail becoming a separate private company.[6]

On May 17, 2006, Caterpillar Inc. announced it would purchase Progress Rail from One Equity Partners for $1 billion in cash, stock and debt.[7] The acquisition by Caterpillar was announced as part of its long-term strategy, Vision 2020.

In July 2011 the company announced it was to assemble EMD locomotives at a plant leased in the state of Minas Gerais, Brazil.[8][9]

Acquisitions

On May 24, 2008 Caterpillar agreed to acquire all of the capital stock of MGE - Equipamentos e Serviços Ferroviários Ltda., a São Paulo, Brazil-based locomotive component and transit car services company to become part of Caterpillar's Progress Rail Services Corporation. The acquisition of MGE marked Progress Rail's first entry into the South American market.[10]

On June 1, 2010, Caterpillar announced Progress Rail Services Corporation would buy Electro-Motive Diesel from Berkshire Partners LLC and Greenbriar Equity Group LLC for US$820 million.[11] The purchase was completed on August 2, 2010, making Electro-Motive Diesel a wholly owned subsidiary of Progress Rail Services Corporation.[12]

During 2010, Progress Rail acquired two makers of signal equipment, Coast to Coast Signal Engineering and C&S Signaling, as well as a General Electric subsidiary involved in the signal industry; now Progress Rail Inspection & Information Systems.[13]

Federal Investigation

During October 2013, Caterpillar announced that a federal criminal indictment had been secured against Progress Rail Services.[14]

Products

Locomotives

Progress Rail and its subsidiary Electro-Motive Diesel currently offer freight, passenger, repowered and used locomotives.

Signals

Progress Rail's Signal Division makes grade crossing and wayside signals under the name Lincoln Industries.

References

  1. 1 2 3 "Progress Rail Services - Company Overview". 2010. Progress Rail Services Corporation, a subsidiary of Caterpillar Inc.,...
  2. 1 2 "MGE Transportes". mgetransportes.com. MGE Equipamentos & Serviços Ferroviários Ltda. 2009. Archived from the original on 2010-10-24. Retrieved 2010-10-24. ...two factories: one in Diadema and another in Hortolandia, both in the state of Sao Paulo.
  3. 1 2 "The Power of Progress at Work". progressrail.com. Progress Rail Services Corporation. 2010. Archived from the original (Adobe ShockWave flash video - .swf) on 2010-10-24. Retrieved 2010-10-24. Two divisions....Locomotive & Railcar Services....Engineering & Track Services...
  4. 1 2 "Progress Rail Services - Services - Recycling". progressrail.com. Progress Rail Services Corporation. 2010. Archived from the original on 2010-10-24. Retrieved 2010-10-24. Progress Rail Services started out as a recycling company in the early 1980s, and although we have expanded our line of product and service offerings,...
  5. ↑ Progress Energy announces sale of rail services subsidiary, Progress Energy, 18 February 2005
  6. ↑ Progress Energy closes on sale of rail subsidiary , Progress Energy, 28 March 2005
  7. ↑ Caterpillar to acquire Progress Rail, PRdomain, 17 May 2006
  8. ↑ "Progress Rail announces Brazilian locomotive plant", www.railwaygazette.com (Railway Gazette International), 27 July 2011
  9. ↑ "Caterpillar expands diesel-electric locomotive manufacturing plant in Brazil", en.mercopress.com (MercoPress), 25 July 2011
  10. ↑ "Caterpillar Announces Acquisition of Leading Brazilian Locomotive Component and Transit Car Services Company" (Press release). Caterpillar, Inc. 2008-06-24. Archived from the original on 2010-10-24. Retrieved 2010-10-24. MGE Equipamentos & Servicos Ferroviarios Ltda. will become part of Caterpillar's Progress Rail Services Division
  11. ↑ "Progress Rail Services - Progress Rail Acquires Electro-Motive Diesel". progressrail.com. Progress Rail Services Corporation. 2010-06-01. Archived from the original on 2010-10-24. Retrieved 2010-10-24. 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.
  12. ↑ "Progress Rail Services Finalizes Electro-Motive Diesel Acquisition" (Press release). Caterpillar. 2010-08-02. Archived from the original (PDF) on 2010-10-29. Retrieved 2010-10-29. Progress Rail Services announced today it has finalized the purchase of Electro-Motive Diesel...
  13. ↑ [tt_news=12556&cHash=8967e69f2a "Progress Rail buys Coast to Coast Signal Engineering"]. Railway Gazette International. 22 December 2010. Retrieved 23 December 2010.
  14. ↑ "U.S. Prosecutors Investigate Caterpillar Unit". The Wall Street Journal. Retrieved 5 January 2015.

External links

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