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Global Railway calls off G&B Specialties acquisition

Global Railway Industries Ltd. won’t be buying G&B Specialties Inc. after all.

On May 16, Global Railway called off the proposed deal, which had been announced in November, because "the results from the due diligence process were not in line with expectations," prompting company officials to conclude that they no longer could support G&B Specialties’ original offering price, according to a prepared statement.

Undaunted, Global Railway now is "in discussions with several other acquisition candidates," said President Mike Kohut.

Calgary, Alberta, Canada-based Global Railway — a "consolidator of railway equipment manufacturers," according to company literature — owns Rafna Industries Ltd. and Bach-Simpson Corp.

Contact Progressive Railroading editorial staff.

More News from 5/17/2002