Caterpillar is buying Electro-Motive Diesel for $820 million, making it the second-largest locomotive and rail-services provider in the U.S. behind General Electric Co. Electro-Motive, owned by Berkshire Partners and Greenbriar Equity Group, had sales of $1.8 billion in 2009. "This acquisition represents the latest step in our strategic plan to aggressively grow our presence in the global rail industry," said Caterpillar Vice Chairman Doug Oberhelman, who will become CEO in July.

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