Rail supplier updates from ITT, PNC, Nokia, and Kimley-Horn (Nov. 15)

ITT Inc. has signed an agreement to acquire Axtone for $118 million. Axtone manufactures components for railroads and other harsh-environmental industrial markets. The company's products include energy absorption solutions such as springs, buffers and coupler components. The transaction is expected to close in first-quarter 2017.

PNC Equipment Finance LLC now offers full-service operating rail-car leases, the company announced yesterday. The company provides short- or long-term leases; new and/or used rail cars; an array of car types, including hoppers, flat cars and gondolas; several financing options; and maintenance management. PNC Equipment Finance is the second domestic bank-owned equipment finance company that owns, manages and leases its own rail-car fleet, as well as provides traditional forms of equipment financing.

The Korean Rail Network Authority (KRNA) has selected Nokia to provide the world's first LTE-R mobile broadband network to support railway operations and employee services. The LTE-R technology is a version of 4G LTE technology that's being developed to meet service requirements of railway operators, according to a Nokia press release. The network will support operational and maintenance services on a high-speed commercial-rail line operating at speeds up to 155 mph. The system will be deployed as part of preparations for a major international sporting event to be held in the country in 2018.

Kimley-Horn has named Corey Hill to the firm's transit practice. Hill has more than 23 years of experience. He previously served as executive director at the Federal Railroad Administration and worked in other governance roles at federal, state, regional and local agencies in Virginia and Washington, D.C. Hill has overseen multi-modal transportation planning studies and multibillion-dollar rail and transit projects. At Kimley-Horn, he'll help the transit team serve rail and transit clients.