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Global Railway Industries Inc. July 18 completed its acquisition of railroad instrumentation and electronic monitoring equipment maker Bach-Simpson Corp. for $2.2 million cash.
London, Ontario-based Bach-Simpson generated $5.4 million in Fiscal Year 2000 revenue; during first-half 2001, the company generated $2.9 million in revenue.
Bach-Simpson predominantly sells monitoring and control systems, and microprocessor-controlled speed indicators to North American freight and passenger railroads, and major Original Equipment Manufacturers.
"The timing of this closing provides Global with a significant opportunity to immediately capitalize on the growth of Bach-Simpson's sales and profits," said Global Railway President Mike Kohut in a prepared statement.
Global Railway April 19 signed a letter of intent to purchase Bach-Simpson, and originally expected to close the transaction May 30.