Vossloh receives binding bid for takeover of its tracklaying operations
Vossloh AG is considering to sell its Infrastructure Services business unit (VIS) to Eurovia S.A. with economic effect as of January 1, 2008. A binding bid for this takeover has today been received from Eurovia and can be accepted by Vossloh’s unilateral statement. After consulting with the VIS unit’s French employee representatives, Vossloh’s Executive and Supervisory Boards will decide on the acceptance of this bid. If accepted, the closing of the deal would still require approval by the competent cartel authorities.Vossloh Infrastructure Services is market leader in France and Luxembourg for constructing trackage for mainline and (sub)urban rail lines as well as for rail trackage maintenance and the installation of overhead lines. Vossloh Infrastructure Services’ customers include state and industrial rail as well as tram and other LRV operators. The price offered for a 100-percent stake in the equity value amounts to €150 million, based on an enterprise value of around €185 million. The business of Vossloh Infrastructure Services, which centers on track and related construction services, was added to the Vossloh Group when the Cogifer Group had been acquired in 2002. Vossloh Infrastructure Services differs from Vossloh's other business units in its presently limited international positioning.
"We are considering the divestment because Eurovia as new owner will enable Vossloh Infrastructure Services to develop further in a direction focused even better than to date on the changing market and competitive environment of this business unit," says Vossloh AG CEO Werner Andree.
With a workforce of around 1,500, the Infrastructure Services business unit reported sales of a good €210 million in 2007.
Eurovia, a subsidiary of the VINCI Group, is a world leader in the infrastructure industry. Operating in 15 countries through 300 works centers and 869 industrial sites producing construction materials and road aggregates, the company employs 39,000 people and generated sales of €7.7 billion in 2007.
Werdohl, June 18, 2008
Contact:
Uwe Jülichs
Head of Corporate Communication
Vossloh AG
Phone: +49 (0) 2392 52-608
Mobile: +49 (0) 172 2909852
Email: uwe.juelichs@ag.vossloh.com
Today's Vossloh is a global player in the rail technology markets. The Group focuses on its core businesses of rail infrastructure, rail vehicles, and trolleybuses. Reflecting this focus, Vossloh's two divisions of Rail Infrastructure and Motive Power&Components operate under the roof of MDAX-listed Vossloh AG. In fiscal 2007, a good 5,900 employees generated sales of over €1.2 billion and an EBIT of €121.5 million.