Loram Technologies, formerly GREX, is planning to build a rail research and development facility in Georgetown, Texas.
The former GREX was headquartered in Georgetown, and Loram Technologies calls the city home, too. Construction will begin this year, and the facility will provide 150 new positions and employ a total of 310 people.
According to Loram Technologies President Greg Grissom,“The vision behind Loram Technologies Inc. is to build on GREX’s successful railroad technology solutions while harmonizing Loram’s mergers and acquisitions activity over the last several years. By aligning global software, data, and engineering teams, we will accelerate new product development and bring our railroad customers the very best in next generation technology products and field services. Loram is also thrilled to bring further investment into Georgetown with a new state of the art office and manufacturing facility with construction starting in late 2021.”
The Georgetown Economic Development Corporation has an agreement with Loram Technologies, approved by the City Council, around a job retention and creation grant of $1,000 per job, along with an infrastructure reimbursement agreement, and the total incentive package is $800,000. Loram Technologies will invest $17 million in the project, and the average employee salary at the facility will be $60,000.
Georgetown Mayor Josh Schroeder said “We are excited to be home to this research and manufacturing facility in Georgetown. Expanding on the innovation of GREX, a home-grown rail technology company started by Ned Snead, is great. This center adds highly skilled jobs in our community and keeps us on track to strengthen our economy.”