Progressive Railroading

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

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

View Current Digital Issue »


Rail News Home Communication and Signal


Rail News: Communication and Signal

Updates from AirBoss, GATX, Siemens, Railhead and FreightCar America


• AirBoss of America Corp. has sold the operating assets and intellectual property of its railway track fastening products business to Amsted Rail Company Inc. for $6 million in cash, subject to closing adjustments. The deal includes an earn-out provision that could result in AirBoss obtaining additional amounts if the business’ earnings increase over the next two years. The business will continue to operate under the trade name AirBoss Railway Products. The railway products business accounted for about 5 percent of AirBoss' consolidated sales so far in 2008.

• GATX Corp. has purchased Allco Finance Group Ltd.’s North American rail-car fleet for $217 million (about $30 million in cash and the assumption of approximately $187 million in non-recourse debt). The fleet includes 3,650 cars averaging two years in age. As of Sept. 30, GATX owned about 110,000 freight cars.

• Siemens Mobility obtained a $724 million order from Germany’s Deutsche Bahn for 15 international high-speed ICE trains. The trains feature three consists of eight individual coaches and can accommodate up to 485 passengers. The first vehicles are scheduled to begin testing in summer 2001 and enter service in December 2011. As part of its program to expand the Nuremberg-Fuerth line to four tracks, Deutsche Bahn also ordered an electronic interlocking from Siemens. The railroad expects installation to occur in stages during the next three years.

• The Northeast Illinois Regional Commuter Railroad Corp. (Metra) has begun to install 243 of Railhead Corp.’s Locomotive Digital Video Recorders (LDVRs). The Railhead Vision Systems® audio and video recording system will be installed on electric district cab cars, and Metra’s remaining diesel locomotive and cab-car fleet. The system features a high-resolution color camera that records activities at grade crossings.

• FreightCar America Inc. named Christopher Nagel vice president of finance, chief financial officer and treasurer. He succeeds Kevin Bagby, who resigned in November. Nagel most recently was CFO of The Wallick Cos., a property management and construction firm. He previously served The Scotts Miracle-Gro Co. in various positions, including executive VP-North American consumer business, EVP and CFO, and senior VP–North American finance and corporate controller.

Contact Progressive Railroading editorial staff.

More News from 12/18/2008