GM’s locomotive maintenance and parts business sold
LaGrange, Ill. -- General Motors Corp., Greenbriar Equity Group LLC and Berkshire Partners LLC have concluded the s...
LaGrange, Ill. — General Motors Corp., Greenbriar Equity Group LLC and Berkshire Partners LLC have concluded the sale of Electro-Motive Division (EMD) by Detroit-based GM to an investor group led by Greenbriar and Berkshire Partners. Terms of the transaction were not disclosed.
The new company, Electro-Motive Diesel (EMD) Inc., will continue to be based in LaGrange, Ill. Both the LaGrange and the London, Ont., manufacturing facilities are included in the sale.
The sale covers substantially all of the Electro-Motive businesses, including North American and international locomotives; power, marine and industrial products; the spare parts and parts rebuild business; and all of Electro-Motive’s locomotive maintenance contracts worldwide.
Electro-Motive employs approximately 2,600 hourly and salaried people. The company designs, manufactures, markets, sells, and services freight and passenger diesel-electric locomotives and diesel marine and power generation products for use worldwide.
Since the early 1930s, Electro-Motive and its associates have produced more than 58,000 diesel-electric locomotives for customers in 73 countries. Electro-Motive diesel engines are used in over 100 countries worldwide.
Greenbriar Equity Group LLC is focused exclusively on making private equity investments in the global transportation industry, including companies in freight and passenger transport, commercial aerospace, automotive, logistics, and related sectors.
Berkshire Partners has invested in mid-sized private companies for the past 20 years through six investment funds with aggregate capital commitments of approximately $3.5 billion. The firm’s investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate.
More information may be found at www.gm.com, www.EMDiesels.com, www.greenbriarequity.com and www.berkshirepartners.com.