The investment firms are Berkshire Partners of Boston and Greenbriar Equity Group, which is based in Rye, NY. Greenbriar and Berkshire each own a variety of firms and have about $1 billion in capital available, according to the their web sites.
Greenbriar's partners include a former top executive at a Big Three automaker, Gerald Greenwald, who was the chief financial officer at Chrysler as it recovered from near financial collapse in the early 1980s.
GM-EMD conducts final assembly on all of its diesel and electric locomotives for the North American market at the plant. The plant employs about 580 workers, with union representation by the Canadian Auto Workers union.
A source close to the negotiations said that while there are "serious" discussions underway, no timeline has been established.
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