Vossloh AG, through its Australian subsidiary, has acquired Austrak Pty Ltd., a concrete crosstie manufacturer headquartered in Brisbane, Australia, for AUD$50.5 million (US$37.4 million).
The transaction is subject to merger control clearance by the Australian authorities, but Vossloh expects closing in the third quarter of 2018.
Vossloh explains that Austrak is the leading manufacturer of concrete ties in Australia. Vossloh primarily supplies switches and switch components in the country. The acquisition will expand Vossloh’s product offerings in the country, as well as position the company to take advantage of potential growth opportunities offered by the mining projects in Western Australia and major infrastructure projects on the East Coast.
Andreas Busemann, CEO of Vossloh AG said, “The acquisition of Austrak is another important step in our growth strategy. With this transaction, we are expanding our portfolio in Australia in the area of rail tracks and laying the foundation for synergies for both our customers and Vossloh.”
Austrak will become part of Vossloh’s Tie Technologies business unit in the Core Components division, which also includes Vossloh’s North American concrete tie manufacturing business that was acquired from Rocla Concrete Tie, Inc., in 2016.