Loram Maintenance of Way, Inc. on Sept. 4, 2014 announced it has acquired a majority stake in Railway Vehicle Engineering Ltd. (RVEL), based in Derby, United Kingdom.
Minneapolis-based Loram said it already has a strong presence in British markets supplying on-track rail grinding technology to Britain's rail infrastructure owner Network Rail. The acquisition of RVEL, which offers maintenance, overhaul, and bespoke engineering services to a range of British passenger and freight rolling stock operators and owners, will reinforce that presence. RVEL also maintains Network Rail's Infrastructure Monitoring Fleet, Loram said.
Said Loram President and CEO Philip J. Homan, "We seek to be recognized and respected as leaders in the railway markets we serve."
RVEL Managing Director Andy Lynch said he was delighted to be working with LORAM to build on the successful growth that RVEL has achieved during the last seven years.