Vossloh has completed the sale of its Spanish train building subsidiary to Swiss manufacturer Stadler.

In a statement, Vossloh said as of December 31, 2015, it had gained all necessary merger approvals, having signed the original sale agreement in November last year.

Vossloh said the sale would reduce the group’s net financial debt and increase its equity by a “high double-digit million range”.

The Spanish Rail Vehicles business was one of three units which made up Vossloh’s Transportation division.

Attention will now turn to the disposal of the remaining units,¬†Locomotives in Kiel and Vossloh Electrical Systems, which it says will be completed “no later” than 2017.

In 2014, Vossloh Rail Vehicles recorded sales of ‚ā¨223.2 million.

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