Progress Rail and Wabtec settle antitrust dispute

Progress Rail, a subsidiary of Caterpillar Inc., and Wabtec Corporation (NYSE: WAB) announced they have reached a settlement in the antitrust case Progress Rail v. Wabtec, according to a joint statement.

The companies stated the settlement serves the interests of both parties, their customers, and consumers, while avoiding further litigation. Neither company admitted liability as part of the agreement.

Both Progress Rail and Wabtec acknowledged they operate as suppliers of long-haul freight locomotives and cab components, including Tier IV long-haul locomotives, to Class I railroads and other customers.

The settlement resolves the legal dispute between the two rail industry suppliers. Progress Rail operates as a wholly owned subsidiary of Caterpillar and provides rolling stock, infrastructure, and rail technologies. Wabtec trades on the New York Stock Exchange and supplies equipment and systems for freight and passenger rail industries.

The companies did not disclose financial terms of the settlement or provide details about the original antitrust allegations in their announcement.

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