Vertex cleared in investigation over transfer of ownership

WILMINGTON, NC (WWAY) – Vertex Railcar Corporation announced that it has received notice from the Committee on Foreign Investment in the United States that it has completed its review of the joint venture involving the China Railroad Rolling Stock Corporation and Majestic Legend Holdings.

55 members of Congress had signed a letter asking for an investigation into Vertex. 

Vertex says the review showed there are no unresolved national security issues relating to the transaction. The result was as Vertex expected.

Vertex Spokesoman Foster Sayers stated previously that the Congressional calls on the U.S. Treasury and CFIUS to investigate the joint venture were very misguided.

“There was never any cause for concern over this company, and that is why Vertex took the proactive step of making a voluntary filing with CFIUS and getting clearance,” said Sayers. “We are and always will be an American company, creating American jobs, and making products here in the United States.”

“We will continue to expand our presence in the North American rail industry” said CEO Donald Croteau. “We are ramping up to a strong spring production schedule and look forward to a successful 2017.”