agreed to sell its fittings group to management and investor Levine Leichtman Capital Partners.
The terms of the transaction, which is expected to be completed within 30 days, were not disclosed.
Separately, the company said it intends to offer $450 million of convertible subordinated notes due 2036.
The rail, barge and construction products company also intends to grant the underwriters a 13-day option to purchase an additional $50 million of the 2036 Notes.
The proceeds of the offering is intended to use to provide additional funds for general corporate purposes, including the expansion of its railcar leasing business and possible repayments or repurchases of a portion of its outstanding indebtedness, the company said.
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