The Andersons, Inc.has completed the sale of its railcar repair business toCathcart Rail.
"The sale of our railcar repair business to Cathcart Rail finalizes our exit from the rail segment as we announced in August of last year," said Pat Bowe, president and CEO of The Andersons.
Last August, the companysold its railcar leasing businessto American Industrial Transport, Inc. (AITX) for approximately $550 million in cash.
"Our strategic decision to exit our rail segment allows us to focus on and invest in our core agricultural verticals of grain and fertilizer," said Bowe.
The Andersons employees move to Cathcart Rail
Casey Cathcart, chairman & CEO of Cathcart Rail, says The Andersons railcar repair network aligns perfectly with their strategic goal of offering a broad array of rail services across a national footprint.
"We are excited to welcome The Andersons employees to the Cathcart family," said Cathcart.
"With the addition of The Andersons railcar repair network, Cathcart Rail's nearly 1,000 employees across 110+ locations make it the leading railcar services company in the country."
Joe McNeely, president, The Andersons Nutrient and Industrial business, said its railcar repair employees are among the most skilled and experienced in the industry, and they have been critical to their success.
"We thank them for their contributions and commitment to The Andersons and our customers throughout the sale process. We are excited for them and the growth opportunities that Cathcart Rail will provide them."
