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Global Railway back in acquisition mode

Global Railway Industries Ltd. Sept. 24 announced plans to acquire all issued and outstanding stock of Prime Steel Inc., a Canadian manufacturer of rail-car doors and replacement parts.

Global Railway recently was approved for a loan to finance the transaction, which is expected to close on or before Oct. 7 pending the execution of formal agreements, and approval of Global Railway's directors and regulatory agencies.

Prime Steel's products would help diversify Global Railway's offerings, said President Mike Kohut in a prepared statement, adding that the company plans to pursue other acquisitions.

Calgary, Alberta-based Global Railway, which owns Rafna Industries Ltd. and Bach-Simpson Corp., in May 16 called off plans to purchase G&B Specialties Inc. because due diligence results weren't in line with company's expectations, Global Railway officials said at the time.

Contact Progressive Railroading editorial staff.

More News from 9/24/2002