Monday, February 05, 2018

Loram to acquire GREX

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Loram Maintenance of Way, Inc., and Georgetown Rail Equipment Company (GREX) have completed a definitive merger agreement where Loram will acquire all outstanding shares of GREX.

 

"GREX and Loram share a passion for innovation and customer service. The combined strength of this partnership presents a real opportunity to maximize value for our customers, while at the same time extending our mission of delivering advanced equipment and unrivaled customer services," said Phil Homan, CEO of Loram. "The merger with GREX–a market leader in material handling and track inspection technologies–strengthens our core business and enhances our strategic capabilities for serving the global railway infrastructure market."

Loram offers equipment and services for rail grinding, ballast maintenance and friction management. The company has made several strategic acquisitions to strengthen its product line going back more than a decade and includes Tangent Rail's grinding division, Tranergy Corporation and HyGround Engineering, as well as acquiring a majority stake in Railway Vehicle Engineering Ltd., based in Derby, UK.

GREX brand will remain and it will continue to operate out of its Georgetown, Texas, facilities. GREX's bridge monitoring arm, SENSR Structural Monitoring Solutions, is included in the acquisition, but will also remain under its own brand.

Chris Aadnesen, GREX executive chairman, said, "Combining forces with Loram allows a continuation of GREX's vision of developing innovative solutions to meet real world problems. GREX is recognized throughout the rail industry for its innovative technology, unmatched productivity and providing superior value. We are confident our mission will continue and remain a point of pride for the GREX family and its enduring legacy."

The transaction is pending closing conditions and is expected to be finalized in mid-February.