FreightCar America acquires Michigan railcar parts supplier TEC

FreightCar America, Inc. (NASDAQ: RAIL) has completed the acquisition of Trinity Equipment Company (TEC), a Michigan-based supplier of OEM and replacement railcar components and fastening solutions, the company announced.

Founded in 1986 and based in Norton Shores, Michigan, TEC supplies railcar components and industrial fastening solutions to customers throughout North America. The acquisition is the third such deal FreightCar America has completed in less than a year as part of its aftermarket growth strategy.

Nick Randall, President and Chief Executive Officer of FreightCar America, said the company sees opportunities to grow organically and improve operating efficiency as it integrates acquired businesses. "Building an integrated aftermarket platform with greater scale is central to FreightCar America's long-term growth strategy," Randall said.

Mike Riordan, Vice President and Chief Financial Officer, said the transaction aligns with the company's capital allocation framework. "The transaction is expected to be immediately accretive to FreightCar America," Riordan said.

FreightCar America, headquartered in Chicago, Illinois, manufactures and supplies railroad freight cars, railcar parts and components, and provides railcar repair and conversion services.

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