International Railway Systems buys Serbian companies
IRS: A controlling interest in Serbian firms MIN Vagonka, MIN Lokomotiva and Specijalna Vozila has been acquired from Friulexport and Upig by International Railway Systems.
On May 12 IRS announced it was working with 'a strategic investor' to take a 49% interest in holding company Friulexport, and has an option to acquire the remaining 51%. Friulexport has an 86·9% stake in wagon manufacturing and repair company MIN Vagonka, 87·1% of locomotive business MIN Lokomotiva and an 89·5% share in specialist vehicle and lifting equipment manufacturer Specijalna Vozila.
The factories are located at Nis on Pan-European Corridor X between the Balkans and Austria, giving the Luxembourg-headquartered IRS group its first manufacturing presence in Serbia.
'This acquisition marks our entry into locomotive production and will expand our manufacturing capacity and highlights our commitment to the Serbian market and the broader region', said IRS President Cristian Burci.