RailMarketplace Inc. and Orr Safety Corp. Aug. 14 announced a three-year, $60 million agreement, under which Orr Safety would become the preferred safety supplier for three RailMarketplace.com member railroads (which the exchange declined to identify).
Safety-supplies distributor Orr Safety would provide the three railroads various value-added services and expertise in safety-product distribution and training. RailMarketplace plans to extend those benefits to other exchange members, enabling them to leverage savings and increase their market base.
RailMarketplace officials believe the deal will enable participating members to increase efficiencies and savings when purchasing occupational health and safety products and services.
"Through this agreement, RailMarketplace will deliver significant cost savings and standardization opportunities to several of its largest member railroads, while also bringing Orr Safety’s strong service reputation to the table," said John Stoiber, RailMarketplace president and chief operating
officer, in a prepared statement.
RailMarketplace, a global supply-chain marketplace and e-sourcing site for the rail industry, was founded in January 2001 by the six largest North American Class Is.