Vossloh today completed the sale of its U.S. group company in the Customized Modules division, Cleveland Track Material Inc. (CTM), which was announced on October 22, 2019. The buyer is Progress Rail, a subsidiary of Caterpillar Inc., based in Albertville, Alabama/USA.
“We are pleased to have found with Progress Rail a strategic and financially strong partner and new owner for CTM”, says Oliver Schuster, CEO of Vossloh AG. “Having closed the transaction, we have reached an important milestone in our currently ongoing performance program.”
Werdohl, November 7, 2019
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Vossloh is active in rail technology markets worldwide. The Company’s core business is rail infrastructure. The Group activities are organized into the three divisions of Core Components, Customized Modules and Lifecycle Solutions. In the 2018 fiscal year, Vossloh achieved sales of €865 million with approximately 3,800 employees.