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Vossloh Locomotives will initially continue to operate under its existing trading name and no staff or structural changes are expected at the company’s facilities in Kiel (where a new plant opened in March 2018) and Moers near Duisburg.
Vossloh says its primary aim is to retain engineering expertise for the development of new products with innovative traction concepts through a partnership structure.
Vossloh Locomotives currently employs around 600 staff across Europe, including temporary workers.
A DE18 diesel locomotive for German freight operator RheinCargo at Vossloh Locomotives’ Kiel plant, which opened last year.
The transaction, which is subject to approval by relevant authorities in Europe and China, is CRRC ZELC’s first acquisition of a European company. Vossloh says it expects to complete the transaction within the next few months.
The agreed purchase price is still subject to adjustment at the closing date and is expected to amount to a “low single-digit million figure.”
Upon financial close, Vossloh Locomotives will operate as an independent unit alongside Vienna-based CRRC ZELC Verkehrstechnik.
The post CRRC to acquire Vossloh Locomotives appeared first on International Railway Journal.
This article first appeared on www.railjournal.com
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