Caterpillar company Progress Rail picks up £55m-turnover business
Balfour Beatty has sold its £55m UK trackwork manufacturing business to Caterpillar subsidiary Progress Rail Services.
The trackwork business designs and manufactures manganese steel castings, track panels, turnouts and crossings at five sites in the UK.
The business made £55m in 2010 and had gross assets of £43m.
Manfred Leger, CEO of Balfour Beatty Rail, said: “In Progress Rail, we have found an industry partner who will develop the UK switching and crossing business further and will integrate it into their worldwide manufacturing programme.
“I am looking forward to working with Progress Rail as a strong supply chain partner for our global rail infrastructure contracting activities.”