Progress Rail Services Corp., a wholly owned subsidiary of Caterpillar Inc., said Tuesday, July 1, 2014 it has signed a definitive agreement to purchase Pacific Rail Engineering's (PRE) track business.
PRE is an Australian-based company that designs and manufactures specialized track products for the freight and transit rail markets, Progress Rail said.
"The acquisition of PRE is another step in expanding our global footprint to meet our customers' needs," said Progress Rail President and CEO Billy Ainsworth, who also oversees Caterpillar's rail business. "With nearly 25 years of experience, PRE is well established in the Australian railroad supply market. This acquisition is a strategic opportunity to expand our offerings in an important market, including rail welding, Maintenance-of-Way equipment, asset protection products and wayside signaling products."
"In acquiring the PRE Track Services business, Progress Rail has demonstrated confidence in the Australian track services sector and the opportunities it presents to introduce product and service innovation to this vital sector of our economy," said John Williams, PRE managing director. "Our PRE employees, both past and present, can take pride in building the company into the recognized and respected company that it is today. I am confident Progress Rail will further improve the business through its considerable resources and proven capabilities on a global scale."
Progress Rail said the acquisition was finalized on June 17.