Pickwick Manufacturing Services, an 80-year-old Cedar Rapids company, has been sold for $5.8 million to a suburban Chicago company.
RELCO of Burr Ridge, Ill., manufactures, repairs and rebuilds railroad locomotives and other rolling stock.
The company, which lists Pickwick under engineering and support services on its website, acquired nine industrial buildings with a total of 89,000 square feet of space on a 20-acre site at 4200 Thomas Dr. SW in Cedar Rapids.
RELCO’s main shop in Albia, Iowa, is capable of manufacturing 23 locomotives at the same time, according to the company’s website.
Pickwick Manufacturing Services, founded in 1939, provides design, engineering, custom manufacturing and assembly services.
Walt Corey, president and CEO of the company, assumed ownership and leadership of the company after his father died in 1972.
Walt Corey died last June after an extended illness.
During his tenure, Pickwick added new technologies and processes.
BCC Advisers of Des Moines represented the owners of Pickwick Manufacturing Services in the sale to RELCO.