General Motors Corp., Greenbriar Equity Group LLC and Berkshire Partners LLC have reached an agreement in which GM will sell its Electro-Motive Division (EMD) to an investor group led by Greenbriar and Berkshire Partners. Terms of the transaction will not be disclosed.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The sale agreement covers substantially all of the Electro-Motive businesses, including North American and international locomotives; power, marine and industrial products; the spare parts and parts rebuild business; and all of Electro-Motive’s locomotive maintenance contracts worldwide. Both the LaGrange, Illinois and London, Ontario manufacturing facilities are included in the agreement.
The proposed sale is contingent on completing negotiations with the United Auto Workers Union (UAW) and the subsequent ratification by its members. The transaction is expected to close in the first quarter of 2005.
