Chicago-based FreightCar America, a railroad freight cars, railcar parts and components manufacturer and supplier, recently completed its purchase of Michigan-based Trinity Equipment Company (TEC), an original equipment manufacturer and replacement railcar components and fastening solutions supplier.
The purchase allows FreightCar America to expand the components available through its network and creates opportunities for the company to increase sales. TEC offers complementary products and an established customer and supplier relationships throughout North America.
“We are pleased to welcome TEC and its team to FreightCar America,” Mike Riordan, FreightCar America, vice president and chief financial officer, said. “TEC’s product expertise and established relationships complement our existing aftermarket operations. This acquisition is consistent with our disciplined capital allocation framework and our focus on growing recurring aftermarket revenue. The transaction is expected to be immediately accretive to FreightCar America.”
“Building an integrated aftermarket platform with greater scale is central to FreightCar America’s long-term growth strategy,” Nick Randall, FreightCar America president and CEO, said. “Bringing together complementary businesses expands our ability to support customers’ ongoing railcar maintenance and replacement needs. As we integrate these businesses, we see opportunities to grow organically and improve operating efficiency.”
FreightCar America also specialize in railcar repairs, complete railcar rebody services and railcar conversions.