Tunnel experts warn Premier Daniel Andrews on East West Link
East West Link battle justifies need for non-partisan body on infrastructure
Melbourne Airport Drive extension opened
Atlas 5 sets sail to orbit
Melbourne's first double-decker bus ready to rumble when Regional Rail Link opens
$500m Abrams tanks in the wars
Woman trapped under bus in Sydney's CBD dies
We're still going to miss the bus
Linking Melbourne Authority to be kept despite having no roads to build
Burgers in a rooftop train carriage? Easey's burger joint to open in Collingwood
Railcar lessor Trinity Industries is selling its highway products business for $375 million in cash.
The company has entered into a definitive agreement with Monomoy Capital, a middle market private equity fund. The highway products business manufactures and supplies commercial products such as guard rails, crash cushions and traffic control barriers.
The agreement, announced Wednesday, is subject to customary closing conditions and adjustments. The transaction, which has been approved by Trinity’s (NYSE: TRN) board of directors, is expected to close in the fourth quarter of 2021.
“We continue the process to optimize our business and believe that selling the highway products business will allow us to fully focus on the rail-related segments,” Trinity President and CEO Jean Savage said. “Trinity’s long history in the North American rail industry gives me great confidence that focusing our attention and resources on this industry will allow us to meet our long-term financial and operational goals and continue to optimize our capital structure.”
“Our highway business has been performing well and the bid process was competitive, which allowed us to find the right buyer for the business and deliver a great outcome for our shareholders,” Savage said.
J.P. Morgan Securities LLC is serving as the exclusive financial adviser to Trinity, and Akin Gump Strauss Hauer & Feld LLP is the company’s legal adviser in this transaction, Trinity said.
Selling the highway products business “closes the door on a string of guard rail litigation where the material risks were resolved in early 2019,” Susquehanna Financial Group transportation analyst Bascome Majors said in a Wednesday note.
This article first appeared on www.freightwaves.com
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.