Loram Technologies to build rail R&D center in Georgetown
A global rail maintenance and rail services company plans to start construction later this year on an innovation center for research and development in Georgetown. Loram Technologies, formally GREX, expects to employ 310 people at the center after the expansion, including 150 new positions.
“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,” Loram Technologies President Greg Grissom said. “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.”
Loram Maintenance of Way acquired Georgetown-based GREX in 2018. GREX changed its name to Loram Technologies on Jan. 1, 2021, and remains based in Georgetown. The parent company is headquartered in Hamel, Minn., has six global offices, and is a supplier of track maintenance equipment and services for freight railroads, transit systems, and commuter railroads.
Loram expects to invest $17 million in the Georgetown research and development center with an average salary of $60,000. A Georgetown Economic Development Corporation agreement with Loram approved by City Council at its Feb. 23 meeting includes a job retention and creation grant of $1,000 per job, plus an infrastructure reimbursement for a total incentive of $800,000 for the project.
“We are excited to be home to this research and manufacturing facility in Georgetown,” Georgetown Mayor Josh Schroeder said. “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.”