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Progress Rail, a Caterpillar company, has signed an agreement to acquire Vossloh North America’s Cleveland Track Material (CTM) business. The proposed acquisition aligns with Progress Rail’s goal of profitable growth. With facilities located in Cleveland, Ohio; Reading, Pa.; and Memphis, Tenn.; CTM has served as a supplier of special trackwork to Class 1 and transit railroads, delivering turnouts and crossings for North America since 1983. CTM manufactures specialty trackwork products for both freight and transit customers.
CTM’s comprehensive trackwork portfolio includes panelized turnouts and crossings, special trackwork assemblies, switch points, frogs and crossing diamonds, brace and plating systems, rail joints and guard rails, and will complement Progress Rail’s current trackwork products.
“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 the Class 1 railroads and transit sector,” said John Newman, Progress Rail’s Executive Vice President of Infrastructure.
“We are pleased to have found the right partner in Progress Rail, who will be able to successfully develop CTM,” said Eliseo Bandala, regional president of North America for Vossloh. “This gives the employees of CTM a long-term perspective, which was of great importance to us in the divestment process.”
The transaction is anticipated to close in early November.
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