Škoda Transportation acquires remaining 25% of Transtech; becomes the 100% owner of the only Scandinavian manufacturer of rolling stock in Finland
The Škoda Transportation Group became the 100% owner of the only Scandinavian manufacturer of rolling stock in Finland, the Transtech company. The majority stake in Transtech was purchased by Škoda in August 2015. The agreement to buy the remaining 25 % of the company was signed today by the original owner, the Sinituote Oy company.
Plzeň, Czech Republic, 23-May-2018 — /EuropaWire/ — Transtech was founded in 1985. Today Transtech has portfolio of products both low-floor trams and electric units, but also wagons. Currently supplying trams to the Finnish metropolis of Helsinki, the city of Tampere, or rail cars for Finnish Railways.
“The long-term intention of the Škoda Group is to consolidate its position in the markets of Western Europe. This is also the intention of the new owner, the international investment group PPF, under whose leadership we have succeeded in finalizing the acquisition of the Finnish company Transtech,” says Škoda Transportation Chairman and CEO Petr Brzezina.
This deal was closed on the occasion of Prime Minister Andrej Babiš visit in Finland, accompanied by a business delegation, including representatives of the Škoda Transportation Group.
“In less than 3 years, we have managed to successfully restructure and stabilize Transtech. We have received new orders and currently delivering trams from Transtech to Helsinki or Tampere. We also supply new cars for Finnish Railways. During this period, we have also increased the number of employees from 500 to 750. The company’s annual sales reached 3 billion crowns. Transtech became a significant player in the Škoda Transportation group and opened for us further opportunities in the Western markets,” adds Zdeněk Majer, vice president of Škoda Transportation Group and Chairman of Transtech.
Further information:
Lubomíra Černá
Škoda Transportation
737 281 550
lubomira.cerna@skoda.cz
SOURCE: ŠKODA TRANSPORTATION a.s.
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