Progress Rail Leasing Corporation, a wholly-owned subsidiary of Progress Rail, has announced its acquisition of FCM Rail located in Fenton, MI. The acquisition strengthens Progress Rail's position in the MOW industry by expanding its service offerings. Details of the transaction were not disclosed.
Incorporated in 1979, FCM Rail specializes in MOW leasing, total equipment solutions with warehouse leasing and short- and long-term equipment rentals. Its equipment portfolio includes tampers, ballast regulators, spikers, spike pullers, anchor applicators, track stabilizers, undercutters and various other railroad and track maintenance equipment.
"We are proud to announce the addition of FCM to the Progress Rail family," said Dave Roeder, senior vice president of Engineering and Track Services at Progress Rail. "FCM is a well-known leader in the MOW leasing sector, and the company's excellent reputation will only further enhance Progress Rail's position as a key player in the MOW market."
Through this acquisition, PRS will be able to better serve customers with an expanded leasing portfolio and by offering cost-effective maintenance solutions.
"FCM is excited to join one of the premier companies in the railroad industry and become part of the Caterpillar family of companies," said Denny Gilstad, former chairman and chief executive officer, FCM, who will remain as a consultant to Progress Rail.
Trent Marshall will succeed Gilstad as president of FCM. Working as a team, PRS and FCM will work to improve upon the already excellent service customers have come to expect from the company. FCM's headquarters will remain in Fenton.