Strategic Investment in Evertrak, a North American Composite Railroad Tie Manufacturer

PR Newswire01-21

Partnership to Support Building a Sustainable Railroad Infrastructure with Composite Railroad Ties Made from Recycled Plastics NEW YORK, Jan. 21, 2025 /PRNewswire/ -- Sumitomo Corporation (Head Office...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2505276052","pubTimestamp":1737469020,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Partnership to Support Building a Sustainable Railroad Infrastructure withComposite Railroad Ties Made from Recycled Plastics. NEW YORK, Jan. 21, 2025 /PRNewswire/ -- Sumitomo Corporation , through its subsidiary Sumitomo Corporation of Americas , has announced a strategic investment in Evertrak, a U.S.-based manufacturer of composite railroad ties (*1) for the North American railroad industry. This partnership aims to reduce environmental impacts and build a more sustainable railroad infrastructure in North America.Railroad ties replacement demand: ~20 million ties annually. Established Initiatives in the North American Railroad Industry and the Background of the InvestmentSumitomo Corporation Group, primarily through its Steel Group, has been instrumental in supporting North American freight railroad infrastructure by exporting rails from Japan and manufacturing and selling tie plates, wheels, and axles in North America. The decision to invest in Evertrak stems from a shared vision t","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AFG":"美国金融集团有限公司","BK4117":"多元化保险","BK4104":"贸易公司与经销商","SSUMY":"Sumitomo Corp.","BK4107":"财产与意外伤害保险","SSUMF":"Sumitomo Corp."},"translate_title":"战略投资北美复合铁路枕木制造商Evertrak","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AFG":1,"SSUMF":0.9,"SSUMY":0.9},"content_text":"Partnership to Support Building a Sustainable Railroad Infrastructure with Composite Railroad Ties Made from Recycled Plastics\nNEW YORK, Jan. 21, 2025 /PRNewswire/ -- Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno), through its subsidiary Sumitomo Corporation of Americas (collectively referred to as the \"Sumitomo Corporation Group\"), has announced a strategic investment in Evertrak, a U.S.-based manufacturer of composite railroad ties (*1) for the North American railroad industry. This partnership aims to reduce environmental impacts and build a more sustainable railroad infrastructure in North America.\n\n  \n\nSustainable Solution Initiatives in the North American Railroad IndustryIn High Decay Zones, primarily located in the southeastern United States, heat and high humidity accelerate the early decay of wood railroad ties, posing challenges from both cost and environmental perspectives. To address these issues, the North American railroad industry is increasingly adopting composite railroad ties as a sustainable alternative. Made from recycled plastics and fiberglass, composite ties offer numerous advantages, including superior environmental performance, extended durability, and long-term cost savings. In addition, composite ties are 100% recyclable after use.\nMarket Overview: North American Railroad and Composite Ties\n\nRailroad ties replacement demand: ~20 million ties annually\nComposite tie opportunity: ~6 million ties annually (High Decay Zone)\n\nEvertrak: Pioneering Durable and Sustainable Composite Tie SolutionsFounded in 2017 and headquartered in St. Louis, Missouri, Evertrak is a leading manufacturer of composite railroad ties. The company's flagship product, the \"Evertrak 7000,\" offers an unparalleled lifespan of over 50 years in High Decay Zones, compared to the average 8-12 years of wood railroad ties. The North American railroad industry has been considering the adoption of composite railroad ties since the early 2000s, but achieving the required cost competitiveness and quality for mass production has been a significant challenge. Evertrak overcame these barriers with the Evertrak 7000, which is now being adopted by Class 1 railroads (*2), offering significant long-term cost and environmental advantages.\nEstablished Initiatives in the North American Railroad Industry and the Background of the InvestmentSumitomo Corporation Group, primarily through its Steel Group, has been instrumental in supporting North American freight railroad infrastructure by exporting rails from Japan and manufacturing and selling tie plates, wheels, and axles in North America. The decision to invest in Evertrak stems from a shared vision to build sustainable railroad infrastructure and the opportunity to create synergies with Sumitomo Corporation Group's existing businesses. This strategic partnership will enhance Evertrak's production capacity and accelerate the development of competitive and sustainable product solutions.\nFuture developmentsNorth American freight railroad is one of the environmentally friendly transportation modes, with low CO2 emissions and the ability to handle long-distance, large-scale transport. Sumitomo Corporation Group is committed to contributing to the development of sustainable railroad infrastructure in the North American railroad industry, the world's largest railroad freight market, through the provision of railroad products and other solutions.\n＜Reference Information＞\n\n\n\n\nOverview of Evertrak \n\n\n\nCompany Name                        \nEvertrak \n\n\nEstablished                                  \n:017 \n\n\nCEO / Founder                            \nTim Noonan \n\n\nHeadquarters                              \nSt. Louis, Missouri, U.S.A. \n\n\nManufacturing Facilities          \n1 (St. Louis) \n\n\nBusiness                                        \nManufacture and sale of composite railroad ties \n\n\nWebsite                                        \nhttps://evertrak.com/ \n\n\n\n\n (*1) Primarily manufactured from recycled plastics and fiberglass, these ties are recyclable at the end of their lifecycle, providing a sustainable alternative to wood railroad ties.\n(*2) In the North American railroad industry, Class 1 refers to the seven major freight railroad companies operating in the United States, Canada, and Mexico. This classification is established by the U.S. Bureau of Transportation Statistics (STB) based on the annual revenue of railroad companies.\nAbout Sumitomo CorporationSumitomo Corporation (TYO: 8053) is an integrated trading company with a strong global network comprising 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of \"Enriching lives and the world,\" based on Sumitomo's business philosophy passed down for over 400 years.\nAbout Sumitomo Corporation of Americas\nSumitomo Corporation of Americas is the largest subsidiary of Sumitomo Corporation, an integrated trading company with a strong global network comprising 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and nearly 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of \"Enriching lives and the world,\" based on Sumitomo's business philosophy passed down for over 400 years. For more information, please refer to our website at www.sumitomocorp.com.\n\n  \n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/strategic-investment-in-evertrak-a-north-american-composite-railroad-tie-manufacturer-302356196.html\nSOURCE Sumitomo Corporation of Americas","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.32.1","shortVersion":"4.32.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2505276052"}