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Caterpillar Makes Billion Dollar Acquisition |
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Tuesday, 16 May 2006 |
Caterpillar Makes Billion Dollar Acquisition
 (NAMC) The world's leading manufacturer of construction and mining equipment, Caterpillar Inc. (NYSE :CAT) came to terms with Progress Rail Services. They have reached an agreement to acquire Progress Rail Services, Inc. for over $1 billion in cash, stock and assumption of debt. Progress Rail is majority owned by One Equity Partners, a private equity affiliate of JP Morgan Chase (NYSE: JPM). Based in Albertville, Alabama, Progress Rail is a leading provider of remanufactured locomotive and railcar products and services to the North American railroad industry. With 2005 sales of $1.2 billion, the company has one of the most extensive rail service and supply networks in North America. It operates more than 90 facilities in 29 states in the United States, Canada and Mexico, with about 3,700 employees.
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