Loram, Maintenance of Way (Loram) has completed the acquisition of RVEL, a rolling engineering and operating company based in Derby, UK.
Financial details of the transaction have not been disclosed.
With this acquisition, Loram, a Minnesota-based company founded in 1954, intends to expand its presence in the UK and across Europe.
Loram international business development and operations vice president Joe Carlin said: “We are delighted to have completed our acquisition of RVEL; this brings to fruition our plans to establish Loram UK Limited as the UK’s leading provider of rail head treatment, rolling stock engineering and bespoke train operation services.
“Loram’s investment in Derby shows our commitment to existing customers in the UK and will form a platform for us to support and expand the services we offer customers across Europe.”
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The firm intends to soon start operating its first trains under the Loram brand from Derby.
Later this year, the first of three new Loram Rail Grinders for Network Rail will arrive in the UK.
Carlin continued: “We also intend to accelerate the development of Derby as our European hub as we look to increase market share across the continent.”
Currently, Loram UK is aligning its business processes, brands and market strategy with that of its parent company in US, thereby enabling the UK location to offer a larger portfolio of rail expertise to its customers.
This alignment will see the UK board size shrunk. Under the new changes, Phil Swallow will become senior executive for quality and diversity while Rupert Brennan Brown will continue to advise on Loram stakeholder relations.
The newly formed board of Loram UK is headed by managing director Andy Lynch, who is supported by Andy Houghton as commercial director and Gary Stewart as operations and safety director. Carlin and Pete Erwin will serve as board members.
