The Greenbrier Companies Inc has entered Turkish market by acquiring majority interest in Turkish railcar builder Rayvag.
Having given signals for entering Turkish market for a while, Greenbrier announced that it has completed an agreement between Rayvag and Greenbrier’s European subsidiary, Greenbrier-AstraRail, to take an approximately 68% ownership stake in the railcar manufacturer and provider of railcar repair and part services.
Asim Suzen, who had founded the Rayvag in 2007 as a a railcar manufacturing company at Adana to provide maintenance services for railcars and manufacture bogies and spare parts for railcars, retains a 32% equity interest in the business and continues to serve Rayvag as its Managing Director.
“Rayvag is committed to growth but could not achieve scale without this investment by Greenbrier,” Suzen said. “Greenbrier-AstraRail’s expertise in designing freight wagons that meet European rail standards, as well its world-class manufacturing systems and procurement practices, position Rayvag to respond to the rapidly advancing demands of Turkey’s freight rail industry.”
Rayvag is the third acquisition of Greenbrier in Europe, after WagonySwidnica in Poland and AstraRail in Romania. “Greenbrier views Turkey and the Mediterranean region as a key corridor within the global freight railway system. Expansion into Turkey is a logical extension of our market-leading Greenbrier Europe operation. Turkey broadens Greenbrier’s presence in the region where we are successfully working with Saudi Railway Company (SAR) on key rail projects and are planning to partner with other Gulf Cooperation Countries on railway supply needs in those nations. We look forward to growing our presence in the Turkish rail market and the opportunity to be a part of the industry’s growth within the region.” said William A. Furman, Greenbrier Chairman and CEO.
Cover Photo: Greenbrier ©
Categories: Railway Companies