Progress Rail Acquires Cleveland Track Materials

Cleveland Track Material is being acquired by Progress Rail. CTM is a supplier of specialty trackwork to North American Class I and transit railroads.

It began operations in 1983 and has facilities in Cleveland; Reading, Pennsylvania; and Memphis, Tennessee.

Among the products that it produces are panelized turnouts and crossings, special trackwork assemblies, switch points, frogs and crossing diamonds, brace and plating systems, rail joints and guard rails.

The acquisition is expected to be completed in early November.

CTM is a subsidiary of Vossloh North America whereas Progress Rail is a components of Caterpillar.

The transaction is anticipated to close in early November.

Progress Rail describes itself as “one of the largest integrated and diversified providers of rolling stock and infrastructure solutions and technologies for global rail customers.”

It said that it creates advanced EMD locomotives and engines, railcars, trackwork, fasteners, signaling, rail welding and Kershaw Maintenance-of-Way equipment, along with dedicated locomotive and freight car repair services, aftermarket parts support and recycling operations.

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