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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.

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More News from 2/22/2005