SIEGY - Siemens Mobility acquires RailTerm for strengthening Canadian footprint

Continuing to grow its presence in the Canadian Market, Siemens ([[SIEGY]] -1.0%) Mobility acquired RailTerm for expanding its existing portfolio with on-the-ground track and signaling, electrification and communication systems servicing expertise.This will be instrumental in deploying the next generation of rail technologies across the country's vast and expanding rail networks.RailTerm is a North American provider of rail services to railroads and transit agencies serving 70+ clients globally."Canada’s rail industry is poised for unparalleled growth as its major cities introduce safe, efficient and innovative passenger rail services while its freight carriers transition from decades-old mechanical, hardware-based legacy systems to tomorrow’s cloud-based digitalized systems – and Siemens Mobility is one of the few companies in the world that understands the DNA of both systems," CEO of Siemens Mobility in Canada Yves Desjardins-Siciliano commented.Deal expected to close on July 1.

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Siemens Mobility acquires RailTerm for strengthening Canadian footprint