US-based transportation equipment and services provider Greenbrier Companies has acquired a 19.5% ownership stake in Brazil’s Amsted-Maxion Cruzeiro for $10m.

Amsted-Maxion Cruzeiro manufactures castings and components for railcars and other heavy equipment. Besides Greenbrier, the Brazilian firm is co-owned by engineered system solutions provider Amsted Rail Brasil and railway company Iochpe-Maxion, each holding 40.25% shares.

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In collaboration with Greenbrier, Amsted-Maxion Cruzeiro owns Amsted-Maxion Equipamentos E Serviços Ferroviários (Greenbrier-Maxion), which manufactures railcars in Hortolândia, Brazil. Currently, Greenbrier holds a 19.5% stake in Greenbrier-Maxion, while Amsted-Maxion Cruzeiro owns the remaining 80.5% equity interest in the company.

Based on its current equity position in Amsted-Maxion Cruzeiro, Greenbrier directly and indirectly owns 35% of the outstanding equity of Greenbrier-Maxion.

"Greenbrier directly and indirectly owns 35% of the outstanding equity of Greenbrier-Maxion."

Greenbrier's chairman and CEO William Furman said: “We are pleased with the progress made at Greenbrier-Maxion over the past year together with our partners Amsted and Iochpe.

“Global markets are important for Greenbrier and a significant part of our business strategy. I am pleased to expand our partnership in Brazil with Amsted and Iochpe beyond railcar manufacturing into castings and components for railcars and other heavy equipment.”

Amsted-Maxion Cruzeiro operates in a wide range of transportation equipment markets across Latin America and provides railcar castings and components to Greenbrier-Maxion.

The company also delivers components for heavy equipment used in agriculture, mining, and other industrial applications.

Subject to certain conditions, Greenbrier also has a provision to purchase an additional 10% stake in Amsted-Maxion Cruzeiro by 20 October 2017.