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Wabtec Corp. signed a definitive agreement to acquire Fandstan Electric Group Ltd., a London-based rail and industrial equipment manufacturer, for $215 million in cash. Fandstan Electric has annual sales of about $235 million. Wabtec expects the transaction to be completed in the first quarter, subject to customary closing conditions and competition authority clearance. Tutor Perini Corp. announced two contracts recently were approved for award by the Metropolitan Transportation Authority (MTA) for parts of the New York City East Side Access (ESA) project, collectively valued at $844 million. MTA selected Tutor Perini subsidiary Frontier-Kemper Constructors for a contract valued at $294 million to fabricate and construct permanent structural concrete lining, interior structures, and fit-out for caverns and tunnels beneath and to the north of Grand Central Terminal (GCT). Construction is expected to be substantially completed in 2017. MTA also selected Tutor Perini for a contract valued at $550 million to perform work in the Long Island Rail Road Grand Central terminus station and the tunnels connecting Harold Interlocking, a switching station in Queens, to the GCT. Tutor Perini will be responsible for coordinating overall systems integration and for interfacing with various systems provided by other contractors. Construction is expected to be substantially completed in 2020.
The American Council of Engineering Companies (ACEC) of Illinois recognized Hanson Professional Services Inc. with a “Merit Award” for the Tier 2 Environmental Impact Statement (EIS) for the Springfield Rail Improvements project in Springfield, Ill. The city of Springfield contracted Hanson to provide a preliminary design report and prepare the Tier 2 EIS to study needed improvements on the rail corridor. The EIS also addressed the challenges of safety, traffic congestion and train noise. Completed in 22 months, the EIS received a record of decision from the Federal Railroad Administration.
Kelso Technologies Inc. has been awarded a 2014 TSX Venture 50® ranking. Kelso achieved second place in the Diversified Industries category of the 2014 TSX Venture 50® rating system.
The Andersons Inc. announced it earned net income attributable to the company of $89.9 million, or $3.18 per diluted share, on $5.6 billion in revenue in 2013. Full-year earnings totaled $79.5 million, or $2.82 per diluted share, on revenue of $5.3 billion. The Rail Group posted operating income of $42.8 million both in 2013 and 2012. Gross profit from the leasing business was "significantly higher" than in 2012 due to higher lease and utilization rates. Rail Group revenue in 2013 reached $165 million, up from $156 million in the prior year.
Joseph Willhite was named deputy regional business manager for the Texas/Mountain region of Parsons Brinckerhoff. Willhite will work with managers in the firm's seven offices in the Texas/Mountain region to enhance relationships with key clients, expand business development opportunities, and invigorate marketing and pursuit efforts. Willhite has more 10 years of transportation and land use consulting experience.
Joe Iacobucci has joined Sam Schwartz Engineering as director of transit for the firm's Chicago-based Midwest offices. Iacobucci has 10 years of experience in the transit field. Prior to joining the firm, Iacobucci was manager of strategic planning and policy at the Chicago Transit Authority.
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