"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 in the release. “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."
Formerly known as GREX, Loram expects to invest $17 million in the research and development center and have an average salary of $60,000, the release said. An agreement between the Georgetown Economic Development Corp. and Loram, approved by the City Council during its Feb. 23 meeting, contains a job-retention and -creating grant of $1,000 per job and infrastructure reimbursement for a total incentive of $800,000 for the project, the release said.
Loram Technologies expects to employ 310 people at the center after expanding with 150 new positions in place, the release said.
“We are excited to be home to this research and manufacturing facility in Georgetown,” Georgetown Mayor Josh Schroeder said in the release. “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.”
