On December 21st, Vossloh AG signed a contract for the sale of the Electrical Systems business unit to Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, a wholly-owned subsidiary of Knorr-Bremse AG in Munich. In return, Vossloh AG receives a cash selling price of EUR 72.5 million. This includes a variable component of EUR 25 million which is subject to future adjustment insofar as a project does not develop according to Vossloh’s current expectations. In addition, the buyer has committed to replace all guarantees and sureties that Vossloh had assumed for the Electrical Systems business unit.
The Supervisory Board of Vossloh AG has already approved the transaction. The sale is still subject to merger control clearances. Completion of the transaction is expected for the first quarter 2017.
“With the sale of the Electrical Systems business unit, Vossloh has reached a further milestone in the implementation of its Group strategy. Following intensive and long negotiations with various interested parties, in Knorr-Bremse we have found a stra-tegically ideal and financially strong partner for Kiepe. Under the management of its future owner, Kiepe will have great opportunities and new prospects for a sustainably successful development,” Dr.h.c. Hans Martin Schabert, Chairman of the Executive Board at Vossloh AG said.
Electrical Systems, which is located in Düsseldorf, is the second of three business units in the Transportation division which Vossloh is selling in the course of its focus of Group activities in rail infrastructure. As a manufacturer of innovative electrical drive equipment for public transportation vehicles, Electrical Systems is well-known in Germany and abroad. In 2015, Electrical Systems generated sales of EUR 249.5 million.
The selling process for the Transportation division’s remaining business unit Locomotives will be pursued at the beginning of 2017.
Share on:
