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The Andersons Inc. yesterday announced it has signed an agreement to sell its rail-car repair business to Cathcart Rail. The purchase is expected to close this summer.
"As announced in August of last year, we made a strategic decision to exit our rail segment to allow us to focus on and invest in our core agricultural verticals of grain and fertilizer. This sale also further strengthens our balance sheet and should enhance shareholder returns," said The Andersons President and CEO Pat Bowe in a press release.
The sale of the rail-car business to Cathcart Rail will complete The Andersons’ exit from the rail segment, Bowe added.
"The Andersons rail-car repair network aligns perfectly with Cathcart Rail's strategic goal of offering a broad array of rail services across a national footprint," said Cathcart Chairman and CEO Casey Cathcart.
Cathcart Rail is a private freight-rail company focused on the acquisition, operation and growth of rail services and transportation businesses. The company operates across three divisions: repair facilities, field services and rail services.