Caterpillar Unit To Buy Locomotive Maker For $820 Million
01 Juni 2010 - 3:01PM
Dow Jones News
Caterpillar Inc.'s (CAT) railcar products and services unit has
agreed to buy diesel-electric locomotive maker Electro-Motive
Diesel from private-equity firms Berkshire Partners LLC and
Greenbriar Equity Group LLC for $820 million.
Electro-Motive Diesel's 2009 revenue totaled $1.8 billion. The
deal is expected to close by the end of the year and comes as signs
of life emerge for orders of new train cars. Tens of thousands of
existing ones were idled last year during the recession.
Sliding demand for construction machines has weighed on
Caterpillar's sales of late. The heavy machinery company swung to a
sharply higher-than-expected profit in its latest quarter following
prior-year restructuring charges, though revenue fell.
Caterpillar shares were down 1.1% at $45.50 in premarket trading
as stock-index futures were down about the same amount.
-By Matt Jarzemsky; Dow Jones Newswires; 212-416-2240,
matthew.jarzemsky@dowjones.com
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