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International Railway Systems Acquires Three Factories in Nis, Serbia

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LUXEMBURG, May 12 /PRNewswire/ --

- Expands Manufacturing Capacity at Strategic Railway Junction

International Railway Systems S.A. ("IRS"), the European leader in freight railcar manufacturing, acting together with a strategic investor, has acquired a controlling interest in MIN Vagonka a.d., MIN Lokomotiva a.d., and Specijalna Vozila a.d. in Nis, the third-largest city in Serbia, from Friulexport S.p.A. and Upig d.o.o.

IRS is taking a 49% interest in Friulexport d.o.o., the Serbian holding company that holds an 86.92% share in MIN Vagonka a.d., an 87.10% share in MIN Lokomotiva a.d., and an 89.54% share in Specijalna Vozila a.d. In addition, IRS will have the option to acquire the remaining 51% of the holding.

The acquisition establishes IRS's first manufacturing presence in Serbia, the expansion of its rolling stock manufacturing abilities, and its entry into locomotive manufacturing. The factories are located on the strategic Pan-European Transport Corridor X railway junction, which is the most important corridor in the region linking Turkey and Greece with Austria via Bulgaria, Macedonia, Serbia, Croatia and Slovenia.

Cristian Burci, President of IRS, said, "We are extremely pleased to have acquired these strategic factories, which have a long and distinguished history of service to the rail industry. 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. We are executing on our growth strategy and continue to explore additional opportunities that will enhance our ability to serve our customers and further solidify our position as the European leader in freight railcar manufacturing."

MIN Vagonka a.d. was founded in 1884 as a repair workshop on the main railway track in Nis. The facility has repaired over 120,000 freight wagons and 20,000 passenger coaches and been utilized in the production of over 20,000 new freight wagons. The factory specializes in the reconstruction, repair, and production of freight wagons, in addition to steel construction and wagons parts production.

MIN Lokomotiva was also founded in 1884 and primarily serves in an overhaul and manufacturing of locomotives and other railway vehicles. The factory specializes in the overhaul of electric, diesel-electric, and diesel hydraulic locomotives as well as tram and trolley cars. In addition it manufactures diesel-hydraulic locomotives, track motor cars and railway vehicle parts.

MIN Specijalna Vozila a.d. focuses on the production of 18 and 20 ton lifting equipment and specialized vehicles such as those for street cleaning, hydraulic lifting, waste collecting, and snow clearing.

About International Railway Systems S.A.

International Railway Systems (IRS), headquartered in Luxemburg, is Europe's leading manufacturer and producer of freight railcars, bogies and forgings for the railcar industry. IRS possesses the largest railcar design, engineering and testing capabilities in Europe. IRS operates multiple subsidiaries from 14 locations throughout Europe including the Czech Republic, Germany, Romania, Slovakia, and Switzerland. For more information, visit: www.irsgroup.eu.

Web site: http://www.irsgroup.eu

SOURCE International Railway Systems S.A.



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