Caterpillar Unit Snaps Up Electro-Motive For $820M

Law360, New York (June 1, 2010, 1:26 PM EDT) -- The railroad service unit of heavy equipment manufacturer Caterpillar Inc. is set to shell out $820 million in cash to acquire locomotive maker Electro-Motive Diesel from private equity firms Berkshire Partners LLC and Greenbriar Equity Group LLC.

Under the terms of the deal, announced Tuesday, EMD will become a wholly owned subsidiary of Caterpillar's Progress Rail Services division, according to Caterpillar.

Caterpillar vice chairman and CEO-elect Doug Oberhelman said the acquisition marked the latest step in the Peoria, Ill.-based company's efforts to aggressively grow its presence...
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