Vossloh amplifies presence in Southeast Europe
Serbian switch plant strengthens the Group's position in this regionAs part of its strategy for eastern/southeastern Europe, Vossloh AG has through its French subsidiary Vossloh Cogifer SA, one of Europe's foremost switch manufacturers, acquired an 89-percent stake in the previously state-owned Serbian company MIN Skretnice, Ni?. The remaining shares are held by the employees.
This takeover is of pivotal importance in building and expanding Vossloh's integrated rail infrastructure business in Southeast Europe and strengthens even further the longstanding leadership enjoyed by Vossloh's rail fastening systems in this part of Europe. Given the medium- and long-term significantly gaining importance of rail traffic in Southeast Europe in the wake of EU eastward enlargement, this transport technology group identifies remarkable market potential in this region where the Serbian company acquired by way of auction will become one of the central locations for Vossloh's operations in this part of the world.
The selling price including the necessary restructuring measures and outlays on production plant is under ?3 million. After the initial running-in period, this investment will, to begin with, yield sales of over ?10 million and a double-digit return on sales.
Werdohl, August 5, 2003
For more information contact:
Christiane Konrad, Vossloh AG, phone (+49-2392) 52-263