Under the agreement with Progress Rail, Vossloh has completed the sale of Cleveland Track Material (CTM), its largest U.S. company in the Customized Modules division.
Vossloh says that the sale of its turnout business has been successfully completed, for an undisclosed price.
“We are pleased to have found with Progress Rail a strategic and financially strong partner and new owner for CTM. Having closed the transaction, we have reached an important milestone in our currently on-going performance program,” Oliver Schuster, CEO of Vossloh AG, said.
Vossloh acquired Cleveland Track Material in 2007, with its three facilities located in Cleveland (Ohio), Reading (Pennsylvania), and Memphis (Tennessee).
CTM is an essential supplier of special trackwork to Class I and Transit railways, delivering turnouts and crossings to some of the most complex rail intersections in North America since 1983. Cleveland Track Material manufactures railway trackwork products to AREMA standards as well the unique specifications of its customers.
CTM’s comprehensive trackwork portfolio includes panelized turnouts and crossings, special trackwork assemblies, switch points, frogs and crossing diamonds, brace and plating systems, rail joints and guard rails, and will complement Progress Rail’s current trackwork products.