Caterpillar Subsidiary Progress Rail Acquires FCM Rail

Caterpillar continues to make moves. Last week, the biggest manufacturer of earth moving equipment in the world expanded its leasing ability in the railroad industry. Cat, and its wholly-owned subsidiary of Progress Rail Services, acquired FCM Rail Ltd. (FCM).

“We are proud to announce the addition of FCM to the Progress Rail family,” said Dave Roeder, senior vice president of Engineering and Track Services at Progress Rail. “FCM is a well-known leader in the MOW leasing sector, and the company’s excellent reputation will further enhance Progress Rail’s position as a key player in the MOW market.”

Based in Fenton, Mich., FCM is a leading lessor of maintenance-of-way (MOW) equipment in the United States. The acquisition strengthens Progress Rail’s existing position in the MOW industry by expanding its service offerings. Incorporated in 1979, FCM specializes in MOW leasing, total equipment solutions with warehouse leasing and short- and long-term equipment rentals. Its extensive equipment portfolio includes tampers, ballast regulators, spikers, spike pullers, anchor applicators, track stabilizers, undercutters and various other railroad and track maintenance equipment.

Through this acquisition, Progress Rail Services will be able to better serve customers with an expanded leasing portfolio and cost-effective maintenance solutions.

“FCM is excited to join one of the premier companies in the railroad industry and become part of the Caterpillar family of companies,” said Denny Gilstad, former chairman and CEO of FCM, who will remain as a consultant to Progress Rail.

Trent Marshall will succeed Gilstad as president of FCM, and FCM’s headquarters will remain in Fenton, Mich.