Newly-formed TXM Plant, registered as a company just three weeks ago, is purchasing Network Rail (NDS-Plant) Ltd.
NDS-Plant was formed as a subsidiary of Network Rail in November 2011 following the purchase of the rail division of Hydrex Equipment from its administrators. When Hydrex collapsed, the rail construction sector was left in disarray as it was such a major supplier of plant to contractors, with more than 300 road-rail vehicles. Network Rail stepped in as an emergency measure and had to get the consent from the Office for Rail Regulation to be involved in the ownership of plant for use by third parties. The intention was always that this was to be a temporary measure.
Network Rail announced in February 2012 that it intended to sell NDS-Plant through an open tender process, which is due to be completed before the end of the week. The sale sees the transfer of all associated assets to TXM Plant, securing 377 of the 531 jobs that Network Rail initially took on from Hydrex.
Martin Elwood, director of Network Rail’s National Delivery Service, said: “The successful sale of the NDS-Plant business will enable Network Rail Infrastructure Ltd to safeguard hundreds of jobs and will allow essential rail maintenance, enhancement and renewal programmes across the rail network to continue without disruption.”
Network Rail has kept the ORR and rail union RMT informed about the progress of the sale throughout.
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