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Rail News: M&A
Portec Rail Products Inc. recently reached a merger agreement with Salient Systems Inc. under which Portec Rail will acquire all of Salient Systems' outstanding shares for a combination of Portec Rail stock and cash. The deal is valued between $12.4 million and $14 million depending on Portec Rail's stock price prior to closing, which is expected in September.
Salient Systems markets IntelliTrack® wayside electronic data collection hardware and data management software systems designed to enable railroads to monitor track and rolling stock health.
Per the agreement, Salient Systems President and Chief Executive Officer Harold Harrison will be named Portec Rail's chief technical officer, and vice president for research and development. He will continue to head R&D of Salient Systems' product line as well as lead development of Portec Rail's friction management systems.
"We are excited about the convergence of [both companies'] technologies and the long-term possibilities that it will offer our railway customers worldwide," said Portec Rail President and CEO John Cooper in a prepared statement.
Portec Rail supplies rail joints and anchors, spikes, railway friction-management products and systems, and load securement devices.
7/21/2004
Rail News: M&A
Portec Rail Products to acquire Salient Systems
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Portec Rail Products Inc. recently reached a merger agreement with Salient Systems Inc. under which Portec Rail will acquire all of Salient Systems' outstanding shares for a combination of Portec Rail stock and cash. The deal is valued between $12.4 million and $14 million depending on Portec Rail's stock price prior to closing, which is expected in September.
Salient Systems markets IntelliTrack® wayside electronic data collection hardware and data management software systems designed to enable railroads to monitor track and rolling stock health.
Per the agreement, Salient Systems President and Chief Executive Officer Harold Harrison will be named Portec Rail's chief technical officer, and vice president for research and development. He will continue to head R&D of Salient Systems' product line as well as lead development of Portec Rail's friction management systems.
"We are excited about the convergence of [both companies'] technologies and the long-term possibilities that it will offer our railway customers worldwide," said Portec Rail President and CEO John Cooper in a prepared statement.
Portec Rail supplies rail joints and anchors, spikes, railway friction-management products and systems, and load securement devices.
