Caterpillar Inc said on Friday its Progress Rail Services division is buying FCM Rail Ltd, which leases equipment for maintaining railroads and track.

FCM's equipment portfolio includes tampers, ballast regulators and track stabilizers.

Trent Marshall will succeed Denny Gilstad as president of FCM, whose headquarters will remain in Fenton, Michigan. Gilstad, FCM's former chief executive officer, will remain as a consultant. (Reuters)