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8/5/2022
L.B. Foster Co. today announced the sale of its rail spikes and anchors track components business in St-Jean-sur-Richelieu, Quebec, to Gerdau Ameristeel Corp. for about $7.8 million. The deal is subject to customary indemnification obligations and working capital adjustments. “The sale of the track components business represents another accomplishment along our strategic transformation journey. Proceeds will be used to pay down our revolving credit facility and further enable our ability to execute on our growth playbook initiatives,” said L.B. Foster President and CEO John Kasel in a press release.
Wabtec Corp. reported second-quarter earnings per diluted share of 91 cents, up 37.9% year over year. Adjusted earnings per diluted share climbed 16% to $1.23, while sales rang up at $2.05 billion and cash from operations reached $263 million. The freight segment drove sales in the quarter, helping to offset lower transit segment sales. Freight segment sales were up in all product lines. “We continued to progress against our long-term strategy, as is evidenced by the 8% year-over-year growth in our backlog driven by strategic multi-year orders for modernizations, new locomotives and digital solutions,” said Wabtec President and CEO Rafael Santana in a press release.
Shell is supplying hydrotreated vegetable oil (HVO) to Deutsche Bahn in Germany for its non-electrified rail applications. The effort began with the Sylt Shuttle train. The project is an important milestone to demonstrate the importance of HVO channels for existing transportation modes to achieve substantial decarbonization, Shell officials said in a press release.
Nokia Corp. is working with Alstom to implement the world’s first LTE network for European train-control system (ETCS) Level 2 signaling, a key part of the first phase of National Capital Region Transport Corp.’s regional rapid transit system in New Delhi, India. Covering a 51-mile rail route with 25 stations between Delhi and Meerut, the project will be implemented in four stages and be completed by 2025. The ETCS Level 2-based system allows trains to report their precise location in real time.
Martin Metz has joined Apex Rail GmbH as managing director and partner. Previously, Metz spent more than 20 years as the global head of land transport finance at DVB Bank. He covered rail and rail-related clients in Europe, North America and Australia for Landesbank Hessen-Thuringen Girozentrale after it acquired that business from DVB. “Martin will bring ... new areas in the rail-finance sector and he will help us to meet the increasing client demand for the tailored advisory services that Apex Rail provides,” said Apex Rail founders Markus Frohlich and Chris Forster in a press release.