Loram, GREX announce merger agreement

Loram Maintenance of Way Inc. and Georgetown Rail Equipment Co. (GREX) have completed a merger agreement under which Loram will acquire all outstanding shares of GREX.

Closing is expected to be finalized in mid-February. Financial details were not released.

"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," said Loram Chief Executive Officer Phil Homan in a press release.

Loram is based in Minneapolis. GREX will continue to operate out of its facilities in Georgetown, Texas.

"Combining forces with Loram allows a continuation of GREX's vision of developing innovative solutions to meet real world problems," said GREX Executive Chairman Chris Aadnesen.