Progressive Railroading

RAIL EMPLOYMENT
Newsletter Sign Up
Stay updated on news, articles and information for the rail industry


All fields are required.





Rail News Home M&A

2/22/2005



Rail News: M&A

Progress Energy finds buyer for Progress Rail



On Friday, Progress Energy reached an agreement to sell Progress Rail Services Corp. to subsidiaries of J.P. Morgan Chase & Co. unit One Equity Partners L.L.C. for $405 million.

Progress Energy plans to use proceeds from the deal — which is expected to close within 90 days — to reduce debt. Morgan Stanley served as Progress Energy's financial adviser on the transaction.

Progress Rail Services supplies rail-car parts, maintenance-of-way equipment, and rail and other track materials. The company also provides car repair and scrapping, and metal recycling services.


Contact Progressive Railroading editorial staff.

More News from 2/22/2005