Progress rail, a Caterpillar company, has signed an agreement to acquire Downer Freight Rail. Downer Freight Rail provides a full suite of rolling stock, aftermarket parts and services. It is headquartered in North Ryde and has 15 maintenance facilities throughout Australia. With this acquisition, Progress Rail and Downer, that have already been in business for nearly 70 years, will further strengthen Progress Rail’s existing Australian footprint.
According to Billy Ainsworth, President and CEO of Progress Rail, and Senior Vice President of Caterpillar Inc.:
“This acquisition allows Progress Rail to directly serve rail customers in Australia with best-in-class products and services. It also reinforces Progress Rail’s commitment to the rail industry.”
Progress Rail and Downer have been business partners with a primary focus on Progress Rail’s EMD-branded products which in the past Progress Rail sold EMD locomotive component kits to Downer, from which Downer created its own locomotives for use in Australia. However, recently the companies have collaborated on developing EMD freight locomotives for use in Australia. The locomotives are manufactured in Muncie, Indiana and the transaction is expected to be completed in January 2018.
About Progress Rail:
One of the largest integrated and diversified providers of rolling stock and infrastructure solutions and technologies for global rail customers, Progress Rail is a Caterpillar company and delivers advanced EMD locomotives and engines, railcars, track work, 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. The company also offers advanced rail technologies, including data acquisition and asset protection equipment. It operates in nearly 200 locations around the world in United States, Canada, Mexico, Brazil, Germany, Italy, Australia, China, India, South Africa, the United Arab Emirates and the United Kingdom.