Tangent Rail
This page was last updated on March 7, 2009.
Tangent Rail Services provides rail grinding services for class I, short line, and transit rail lines in the United States and Canada. It also offers switching, and locomotive and car maintenance services to operators of industrial tracks. The company was founded in 2005 and is based in Magna, Utah. Tangent Rail Services is a subsidiary of Tangent Rail Corporation.
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Business Wire, Oct 19, 2005
Tangent Rail Acquires Four Rail Products and Services Companies; Tangent Rail Now Operates Select RailWorks Subsidiaries
PITTSBURGH -- Tangent Rail Corporation announced today the acquisition of four subsidiaries of RailWorks Corporation. With headquarters in Pittsburgh, Pa., Tangent Rail is a leading provider of maintenance-of-way products and services to the railroad industry. Tangent Rail was formed by PNC Equity Partners, L.P. (PNC Equity), a private investment fund sponsored by The PNC Financial Services Group, Inc. and the management team to acquire these subsidiaries.
With the completion of the transaction, Tangent Rail will operate under the following business segments:
Tangent Rail Products (formerly RailWorks Wood Products) is a leading producer of treated wood products used by the railroad industry and a manufacturer of creosote and coal tar products.
Tangent Rail Services (formerly RailWorks Rail Products & Services and RailWorks Rail Services of Canada) provides premium rail grinding services for Class I, short line and transit rail lines in the United States and Canada. It also provides switching, locomotive and car maintenance services.
Tangent Rail Energy (formerly Wood Waste Energy) is a leading nationwide supplier of environmentally friendly crosstie pickup/disposal services and industrial tie-derived boiler fuel.
Tangent Rail Corporation President and Chief Executive Officer William R. Donley is excited about the acquisition, and believes the experience of the incumbent management team will allow Tangent Rail to continue providing its customers with superior products and services.
"The Tangent Rail team has great depth and experience in the railroad industry. We will draw on that expertise to be leaders and innovators in the markets we serve," says Donley. "With a fresh start and new ownership, we're excited about opportunities to focus our resources on improving and expanding our core businesses to better serve our customers."
About Tangent Rail Corporation
Tangent Rail Corporation serves the railroad industry with quality treated wood products and preservatives, rail grinding, switching and track maintenance services, and environmentally friendly railroad tie pickup and disposal solutions. Founded in 2005, Tangent Rail has operations throughout the United States and Canada. The company is owned by PNC Equity Partners L.P., a private investment fund sponsored by The PNC Financial Services Group, Inc. (NYSE: PNC) and the management team. Tangent Rail Corporation is based in Pittsburgh, PA, and can be found on the World Wide Web at www.tangentrail.com.
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Tangent Rail Corporation
101 West Station Square Drive
Pittsburgh, PA 15219-1122
Website: www.tangentrail.com
Phone: (412) 325-0202
Revenues: $100 Million
Employees: 300
Based in Pittsburgh, Tangent operates three primary businesses: Rail Products, Rail Services and Rail Energy. Tangent Rail Products is a leading producer of treated wood railroad ties, creosote and coal tar products. Tangent Rail Services is a leading provider of premium rail grinding services for customers in the U.S and Canada. The business also provides switching, locomotive and car maintenance services to operators of industrial track. Tangent Rail Energy is a leading supplier of environmentally friendly crosstie/disposal services and industrial tie-derived boiler fuel.
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RailWorks Corp. has exited the wood tie and rail grinding markets. Yesterday, the company announced it completed the sale of its products and services division — comprising wood products, rail grinding, and crosstie pickup and disposal services subsidiaries — to Tangent Rail Corp. Terms weren’t disclosed.
PNC Equity Partners L.P., a private investment fund sponsored by The PNC Financial Services Group Inc. and a former RailWorks management team, formed Tangent Rail to acquire the division.
RailWorks will continue to own and operate its L.K. Comstock & Co. Inc. subsidiary, which provides electrical contracting services to transit-rail agencies, and track construction subsidiary that serves Class Is, regionals and short lines in the United States and Canada.
“This sale allows RailWorks to focus on its core business, and reinforces its commitment to the rail transportation and transit systems industries,” said RailWorks President and Chief Executive Officer Jeffrey Levy in a prepared statement.
Tangent Rail has formed three subsidiaries to operate portions of RailWorks’ former division:
• Tangent Rail Products (formerly RailWorks Wood Products) will provide treated wood, creosote and coal tar products;
• Tangent Rail Services (formerly RailWorks Rail Products & Services and RailWorks Rail Services of Canada) will provide rail grinding services for U.S. and Canadian Class Is, short lines and transit-rail agencies, as well as offer switching, locomotive and car maintenance services; and
• Tangent Rail Energy (formerly Wood Waste Energy) will provide crosstie pickup and disposal services, and industrial tie-derived boiler fuel.
“The Tangent Rail team has great depth and experience in the railroad industry, [and] we will draw on that expertise to be leaders and innovators in the markets we serve,” said Tangent Rail President and CEO William Donley, who previously served as president of RailWorks’ Track Products & Services Group.
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Tangent Rail Corp. to Focus on Core Business With Sale of Rail Grinding Division
Business Wire, March 21, 2007
Rail Grinding Division Sold to Loram Maintenance of Way
PITTSBURGH -- Tangent Rail Corp., a leading provider of maintenance-of-way products and services to the railroad industry, today announced the sale of its rail grinding division to Loram Maintenance of Way Inc., a railroad maintenance equipment and services provider based in Hamel, Minn.
Under terms of the transaction, Loram acquired Tangent Rail's rail grinding fleet and hired most of the associated operations personnel.
Tangent Rail Corp. President and Chief Executive Officer William R. Donley said the transaction will allow the company to focus on its core business. "All of our businesses are experiencing robust growth. With the completion of this transaction, Tangent Rail is better positioned to focus our resources on meeting railroad industry demand for quality products and services and strengthening our leadership in these markets."
About Tangent Rail Corporation - Tangent Rail Corp. serves the railroad industry with quality treated wood products and preservatives, switching and track maintenance services and environmentally friendly railroad tie pickup and disposal services. Founded in 2005, Tangent Rail has operations throughout the United States. Tangent Rail Corp. is based in Pittsburgh, Pa., and can be found on the World Wide Web at www.tangentrail.com.
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