FreightCar America Inc. manufactures a range of railroad freight cars, supplies railcar parts and leases freight cars through its JAIX Leasing Co. subsidiary.
FreightCar has completed the sale of its railcar repair and maintenance services business to Appalachian Railcar Services, Inc. for an aggregate purchase price of US$20 million in cash and the assumption of certain liabilities by the purchaser.
FreightCar America’s President and CEO, Joe McNeely, commented: “The consummation of this transaction will allow us to increase our focus on our railcar manufacturing, parts and leasing businesses. Since 2013, FreightCar America has successfully broadened its product portfolio through the introduction of a number of new railcar types. Moving forward, we will continue to diversify our railcar portfolio and drive additional shareholder value through operational improvements, enhancing productivity through training, technology and automation.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/handling/01102015/freightcar-america-sells-its-railcar-repair-and-maintenance-services-business-2936/