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Today, FreightCar America Inc. announced it signed an agreement to acquire the business assets of DTE Rail Services, a non-regulated subsidiary of DTE Energy, for $23.2 million. The transaction is expected to close in the fourth quarter.

The acquisition will bolster existing parts and repair services capabilities, FreightCar America officials said in a prepared statement. After the transaction is completed, FreightCar America would provide repair and maintenance, inspection and fleet management services for all types of freight cars.

The acquired business would be named FreightCar Rail Services L.L.C., FreightCar America officials said.