August 09, 2018

Greenbrier buys majority stake in Turkish wagon manufacturer

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Rayvag was founded in 2007. Rayvag was founded in 2007.

GREENBRIER announced on August 8 it has acquired a 68% stake in Turkish freight wagon manufacturer Rayvag, expanding its European operations in an area it says offers a key connection between Asia and Europe.


Rayvag, which is based in Adana, Turkey, was founded in 2007 by Mr Asim Suzen, who retains a 32% equity interest in the business, and manufactures freight wagons and provides maintenance services for wagons and bogies and spare parts for wagons in the region. Suzen, who is a member of the Turkish Ministry of Transport’s Railway Transport Association, will continue to serve as Rayvag’s managing director.

Rayvag will be added to Greenbrier’s European subsidiary Greenbrier-AstraRail, which also includes Poland’s WagonySwidnica and Romania’s AstraRail.

“Rayvag is committed to growth but could not achieve scale without this investment by Greenbrier,” Suzen says. “Greenbrier-AstraRail’s expertise in designing freight wagons that meet European railway 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. Greenbrier’s financial strength also provides Rayvag with a partner capable of pursuing the substantial growth that we foresee in the Turkish railway supply business during the coming years.”

About 5% of Turkey’s freight traffic moves by rail compared with an average 17% in Europe and Greenbrier says the extent of the Turkish rail system and Turkey’s strategic location between Europe and Asia makes it a prime location for freight rail growth.

“Greenbrier views Turkey and the Mediterranean region as a key corridor within the global freight railway system,” says Greenbrier chairman and CEO, Mr William A Furman. “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.”

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