Loram Maintenance of Way, Inc. acquires majority stake in RVEL
Loram Maintenance of Way, Inc. (LORAM) announced on September 4th that it has acquired a majority stake in Railway Vehicle Engineering Ltd. (RVEL) Derby, United Kingdom.
LORAM, based in Minneapolis, USA, is a global railroad maintenance equipment manufacturer and services provider. LORAM has a strong presence in UK markets supplying on-track rail grinding technology to Britain’s rail infrastructure owner Network Rail.
RVEL offers maintenance, overhaul and bespoke engineering services to a range of UK passenger and freight rolling stock operators and owners. RVEL also maintains Network Rail’s Infrastructure Monitoring Fleet.
Philip J. Homan, President & CEO of LORAM stated that LORAM has invested in RVEL as directors of both companies share a common vision: ‘We seek to be recognized and respected as leaders in the railway markets we serve.’ This investment broadens Loram’s global foot print offering our services and technologies to our customers in the UK and Europe.
Andy Lynch, Managing Director of RVEL stated that he was delighted to be working with LORAM to build on the successful growth that RVEL has achieved over the last seven years.
Bringing together RVEL’s vehicle maintenance and overhaul skills with LORAM’s on-track maintenance business delivers significant benefits to our customers and employees, as well as creating major opportunities for future, sustainable growth.
Since 1954, LORAM has been providing railroad maintenance equipment and services that consistently exceed our customers’ expectations in terms of Speed, Performance, and Reliability. This equipment and services include: production rail grinding, specialty grinding, undercutting, shoulder ballast cleaning, track lifting, Railvac® excavation, ditching, rail handling, track inspection, friction management services and data services.
Contact: Phil Homan, President & CEO, Loram