DETROIT-General Motors Corp. has agreed to sell its Electro-Motive Division to an investor group led by Greenbriar Equity Group LLC (Rye, NY) and Berkshire Partners LLC (Boston).
The sale agreement covers 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.
The proposed sale is contingent on completing negotiations with the United Auto Workers Union (UAW) and the subsequent ratification by its members.
Electro-Motive employs approximately 2,600 hourly and salaried people. Since the early 1930s, Electro-Motive has manufactured more than 58,000 diesel-electric locomotives for customers in 73 countries. Electro-Motive diesel engines are used in over 100 countries worldwide.