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Progress Rail subsidiary set to sell cars, locomotives to The Andersons Co.-formed LLC


Railcar Ltd. has agreed to sell 7,000 rail cars and 48 locomotives to a limited liability corporation formed by minority stakeholder The Andersons Co. Terms weren't disclosed.

Progress Rail Services Corp. subsidiary Railcar plans to use sale proceeds to satisfy lease obligations.

Andersons subsidiary The Andersons Rail Group would manage the assets — most of which are under lease — for a fee. Subject to customary closing conditions, the transaction would triple the number of cars under management by The Anderson Rail Group, which leases, fabricates and maintains cars.

"[The transaction] gives us the ability to offer our customers expanded services and unique lease opportunities," said The Andersons President and Chief Executive Officer Mike Anderson in a prepared statement.

Contact Progressive Railroading editorial staff.

More News from 3/12/2003