Progress Energy has signed a definitive agreement to sell its subsidiary, Progress Rail Services Corp., to subsidiaries of One Equity Partners LLC, a private equity unit of J.P. Morgan Chase & Co.
The sale price will be $405 million, and the transaction is expected to close within 90 days. Proceeds from the sale will be used to reduce debt.
Progress Rail Services Corp. and its subsidiaries supply products and services to the railroad industry. In addition, Progress Rail group companies offers a full range of railcar parts, maintenance-of-way equipment, rail and other track material, railcar repair facilities, railcar scrapping and metal recycling. The company currently employs approximately 3,500 people.
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