Vossloh will Sell Rail Vehicles Business to Stadler Rail

06 November 2015 Friday, 06:54
Railway Contracts

German transport technology company Vossloh has signed a contract to sell its Rail Vehicles business unit in Spain to Swiss train manufacturer Stadler Rail.

The Executive Board of Vossloh AG today signed a contract for the sale of its Rail Vehicles business unit, reported as discontinued operations, to Stadler Rail AG, Bussnang, Switzerland. For the purchase of the activities, Stadler will afford a cash payment of €48 million and will, in addition, take over debt liabilities of Vossloh AG against the business unit Rail Vehicles of €124 million. The transaction is still subject to merger control clearances, in particular. The completion is targeted for the first quarter 2016. The transfer of Rail Vehicles to Stadler Rail takes place with economic effect from 1 July 2015. The Supervisory board of Vossloh AG already approved the transaction. Dr.h.c. Hans Martin Schabert, Chairman of the Executive Board at Vossloh:

[quote font=”arial” font_size=”20″]“We are very happy that, with Stadler Rail, we have found a buyer that is experienced in the industry, has a tremendous reputation and is reliable. We are convinced that the expertise, experience and business model of Rail Vehicles and Stadler will ideally complement one another. Rail Vehicles can look forward to the prospect of further development within the Stadler Group.”[/quote]

Rail Vehicles, with headquarters in Valencia, has been operated as one of the three business units in Vossloh’s Transportation division that had been put up for sale. Business operations include the development and production of innovative diesel-electric locomotives and light rail vehicles. In financial year 2014, sales of €223.2 million were achieved and in the first nine months of 2015 sales amounted to €182.4 million. Plans call for the management and all of Rail Vehicles’ proven functions to remain in Valencia. It is also intended to strengthen the location as a center of competence for locomotive engineering. Thomas Ahlburg, Deputy Chairman of the Executive Board at Stadler Rail Group, comments:

[quote font=”arial” font_size=”20″]”I am very pleased that through this step we are able to integrate a company that perfectly complements our product portfolio and at the same times enables us to access new markets. In the segment of diesel-electric locomotives Rail Vehicles excels in competitive power and innovation force. Moreover, we can count on a highly experience and motivated management and engineering team.”[/quote]


With the agreement on the sale of Rail Vehicles, Vossloh’s Executive Board is consistently moving forward with the medium-term strategy approved in December 2014. For Vossloh Locomotives in Kiel and Vossloh Electrical Systems, headquartered in Düsseldorf, a change of ownership is not yet tangible. The objective remains that a suitable buyer for both businesses will be found by the end of 2017 at the latest. Until that time, Vossloh will pursue all measures to further develop the potential of these businesses. The operational situation in Kiel has improved considerably in the past twelve months. It is expected that this positive trend will continue, not least because of the move, firmly-scheduled for the summer of 2016, to the modern new production location which is currently under construction in Kiel-Suchsdorf. Sales and profit of Vossloh Electrical Systems recovered significantly as compared to the previous year. All relevant projects have been advancing substantially. Therefore, an increase in sales of almost 58 % has been achieved throughout the first nine months of 2015. Vossloh Electrical Systems had already achieved a positive EBIT during the second quarter of 2015. This trend has held throughout the third quarter.r the whole of last year.

The company noted that the management and all of Rail Vehicles’ proven functions will remain in Valencia, which Stadler intends to strengthen as a centre of competence for locomotive engineering.

Stadler Rail Group executive board deputy chairman Thomas Ahlburg said:

[quote font=”arial” font_size=”20″]

“In the segment of diesel-electric locomotives, Rail Vehicles excels in competitive power and innovation force. Moreover, we can count on a highly experience and motivated management and engineering team.”

[/quote]

Vossloh said it was going ahead with its medium-term strategy, which includes the divestment of its other two transportation businesses, Vossloh Electrical Systems and Vossloh Locomotives.

The two units generated revenues of €242.3m in the first nine months of this year, a 35.4% increase from the previous year.

The two units are expected to find a suitable buyer by the end of 2017.

 

Source : Vossloh

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