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Australia's Downer to sell freight rail business to Caterpillar unit for $82 mln
November 21, 2017 / 6:01 AM / a month ago

Australia's Downer to sell freight rail business to Caterpillar unit for $82 mln

Nov 21 (Reuters) - Downer EDI said on Tuesday it plans to sell its freight rail business to Caterpillar Inc unit Progress Rail for A$109 million ($82.18 million).

The company said in a statement it expected to book a non-cash write down of A$40 million in relation to the divestment, and about 360 people employed by the freight rail business would be transferred to Progress Rail as a part of the deal. ($1 = 1.3264 Australian dollars) (Reporting By Rushil Dutta in Bengaluru; Editing by Sherry Jacob-Phillips)

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