<span class="" id="parent-fieldname-description"> Progress Rail Services, wholly owned by heavy equipment giant Caterpillar, has concluded an agreement to buy the track business of Australian company Pacific Rail Engineering (PRE). </span> <p>Pacific Rail Engineering designs and manufactures specialized track products for the freight and transit rail markets. It has facilities at Tomago, Chipping Norton and Revesby in NSW and Henderson in WA.</p><p>Senior staff include: executive general manager rolling stock, Steve Burraston acting operations manager rolling stock, Glenn Starling and maintenance manager rolling stock, Chris Vella.</p><p>Progress Rail had an existing joint venture relationship with PRE, the pair having, in their own words, “successfully developed and put into track the heaviest axle load turnouts in the world.”</p><p>“The acquisition of PRE is another step in expanding our global footprint to meet our customers’ needs,” said Billy Ainsworth, Progress Rail president and CEO, with responsibility for Caterpillar’s rail business.</p><p>“With nearly 25 years of experience, PRE is well established in the Australian railroad supply market. This acquisition is a strategic opportunity to expand our offerings in an important market, including rail welding, maintenance-of-way equipment, asset protection products and wayside signaling products.”</p><p>“In acquiring the PRE Track Services business, Progress Rail has demonstrated confidence in the Australian track services sector and the opportunities it presents to introduce product and service innovation to this vital sector of our economy,” said John Williams, PRE managing director.</p><p>“Our PRE employees, both past and present, can take pride in building the company into the recognized and respected company that it is today. I am confident Progress Rail will further improve the business through its considerable resources and proven capabilities on a global scale.”</p><p>PRE recently launched a new wheel turning service that it says “offers rail freight operators in the Hunter Valley an efficient, competitive and affordable service with quick turnaround and lightning response. It also offers a way of reducing handling costs and diminishing the wheel pool.”</p><p>The acquisition was finalised on June 17.</p>
