- Advances the vision of being the most nimble and innovative ag supply chain company in North America
- Aligns the company's portfolio around its core verticals of grain and fertilizer
- Enables further debt reduction, increases financial flexibility for investment in future strategic growth opportunities
MAUMEE, Ohio, July 8, 2022 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announced that it has completed the sale of its railcar repair business to Cathcart 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. "Our strategic decision to exit our rail segment allows us to focus on and invest in our core agricultural verticals of grain and fertilizer."
"The Andersons railcar repair network aligns perfectly with Cathcart Rail's strategic goal of offering a broad array of rail services across a national footprint, and we are excited to welcome The Andersons employees to the Cathcart family," said Casey Cathcart, Chairman & Chief Executive Officer of Cathcart Rail. "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."
"Our railcar repair employees are among the most skilled and experienced in the industry, and they have been critical to our success," commented Joe McNeely, President, The Andersons Nutrient and Industrial business. "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."
About The Andersons, Inc.
Founded in 1947 in Maumee, Ohio, The Andersons, Inc. is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
About Cathcart Rail
Cathcart Rail is a leading freight rail services and transportation company. The company currently operates the largest railcar services network, encompassing 18 repair facilities and over 75 field services locations, as well as a rail services division that operates three shortline railroads and a dozen contract switching and transloading sites, among other services such as railcar storage, track maintenance, and railcar parts. Cathcart Rail was founded in February 2016 by the father and son team of Thomas Cathcart and Casey Cathcart with 20 employees, and now employs nearly 1,000 people across 110+ locations in 33 states. For more information about Cathcart, visit www.cathcart-rail.com.
SOURCE The Andersons, Inc.