It's official: Caterpillar now owns EMD

RELATED TOPICS: LOCOMOTIVES
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ALBERTVILLE, Ala. — Progress Rail Services finalized its purchase of Electro-Motive Diesel today for $928 million, the company has announced. The deal, announced June 1, puts Caterpillar subsidiary Progress Rail Services in charge of the nation's second-largest locomotive builder.

"The acquisition of EMD is a natural fit as it supports our enterprise strategy to aggressively grow our Energy Power Systems business, and the rail industry is an important component," said Caterpillar Vice Chairman and CEO Doug Oberhelman.

EMD's headquarters will remain in La Grange, Ill., and John Hamilton will continue as its president and CEO.
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