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European freight-car builder International Railway Systems S.A. (IRS) and a strategic investor recently acquired a controlling interest in Serbia's MIN Vagonka a.d., MIN Lokomotiva a.d. and MIN Specijalna Vozila a.d. from Friulexport S.p.A. and Upig d.o.o.

MIN Vagonka builds and repairs freight and passenger cars; MIN Lokomotiva produces diesel-hydraulic locomotives, track motor cars and rail vehicle parts, and overhauls electric, diesel-electric and diesel hydraulic locomotives, as well as tram and trolley cars; and MIN Specijalna Vozila manufactures lifting equipment and specialized vehicles.

Luxemburg-based IRS will hold a 49 percent stake in Friulexport, a Serbian holding company that retains an 86.9 percent share in MIN Vagonka, 87.1 percent share in MIN Lokomotiva and 89.5 percent share in Specijalna Vozila. In addition, IRS will have the option to acquire the remaining 51 percent.

The acquisition enables IRS to establish a manufacturing presence in Serbia, expand rolling stock manufacturing capabilities and enter locomotive manufacturing. A manufacturer of freight cars, bogies and forgings, IRS operates plants in 14 European locations, including the Czech Republic, Germany, Romania, Slovakia, and Switzerland.