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Vossloh AG is about to acquire its second U.S. rail-switch supplier in the span of one month. The German company recently reached an agreement to acquire Cleveland Track Material Inc. for $42.5 million, including existing debt. The deal is subject to Vossloh board approval.
The currently family-owned Cleveland Track Material supplies rail switches and components to U.S. freight railroads and transit agencies. The company employs 260 people at its Cleveland and Memphis, Tenn., plants.
Last month, Vossloh acquired Pohl Corp., which supplies rails, switches, turnouts, spikes, track bolts, gauge rods and switch stands, and will operate as Vossloh Track Material Inc.
“With the acquisition of Pohl and Cleveland, we are accelerating the consolidation of the U.S. switch market,” said Vossloh Chief Executive Officer Gerhard Eschenröder in a prepared statement, adding that the transactions will make Vossloh the country’s third-largest switch supplier.
Vossloh’s rail infrastructure division supplies fastening and switch systems, and provides infrastructure services; the company’s motive power and components division builds locomotives, provides transportation systems and supplies electrical systems.
4/5/2007
Rail News: Communication and Signal
Vossloh to acquire Cleveland Track Material
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Vossloh AG is about to acquire its second U.S. rail-switch supplier in the span of one month. The German company recently reached an agreement to acquire Cleveland Track Material Inc. for $42.5 million, including existing debt. The deal is subject to Vossloh board approval.
The currently family-owned Cleveland Track Material supplies rail switches and components to U.S. freight railroads and transit agencies. The company employs 260 people at its Cleveland and Memphis, Tenn., plants.
Last month, Vossloh acquired Pohl Corp., which supplies rails, switches, turnouts, spikes, track bolts, gauge rods and switch stands, and will operate as Vossloh Track Material Inc.
“With the acquisition of Pohl and Cleveland, we are accelerating the consolidation of the U.S. switch market,” said Vossloh Chief Executive Officer Gerhard Eschenröder in a prepared statement, adding that the transactions will make Vossloh the country’s third-largest switch supplier.
Vossloh’s rail infrastructure division supplies fastening and switch systems, and provides infrastructure services; the company’s motive power and components division builds locomotives, provides transportation systems and supplies electrical systems.
