On 4 November Vossloh announced the sale of its Spanish-based Rail Vehicles business to Stadler Rail of Switzerland. Subject to approval by the relevant authorities, the deal – reportedly including a cash payment of EUR48m and assumption of EUR124m in debt liabilities – is expected to be completed in the first quarter of 2016, but will be backdated to 1 July 2015.
A year ago Vossloh announced a major restructuring of its businesses and that a number of divisions would be either sold in their entirety of split up. The Rail Vehicles business, based in Albuixech, is one of three business units in the German firm’s Vossloh’s ‘discontinued’ Transportation division (TAUT 925). Supplying diesel-electric locomotives, light rail and tram-train vehicles, the rolling stock arm reported sales of EUR223.3m in 2014 – against a forecast of EUR500m – and EUR182.4m in the first nine months of 2015.
According to a Vossloh statement, ‘the management and all proven functions of the business’ are to remain in Spain, which Stadler intends to strengthen as a centre of competence for locomotive engineering.