Hitachi has confirmed its acquisition of Italian train builder AnsaldoBreda, continuing the company’s expansion into Europe.
As well as purchasing Finmeccanica’s rolling stock division for €36 million, the Japanese multinational has agreed to take a 40 per cent stake in its signalling and train control business, Ansaldo STS, for €773 million.
The deal will reduce the group’s net debt by €600 million by the end of 2015, the two companies said in a joint statement today (February 24).
Adding: “The integration into Hitachi will secure the best possible future for the Ansaldo STS and AnsaldoBreda businesses and their employees, marking a fundamental step in executing the Industrial Plan of Finmeccanica, which becomes a pure Aerospace, Defence & Security company.”
The sale includes the whole of AnsaldoBreda, excluding “some revamping activities and certain residual contracts”.
The acquisition remains subject to regulatory and antitrust approval.
Alistair Dormer, global chief executive officer of Hitachi Rail, said: “With the addition of these companies we are in an excellent position to transform Hitachi Rail into one of the strongest global players in the sector.
“Today’s announcement is a further testament to the long-term vision we have for growth of Hitachi. By combining forces, we significantly strengthen our market position, aspiring to become a leading global total solution provider to the rail sector.”
