Thu, 09 Aug 2018 | BUSINESS SALE
Knorr-Bremse is set to sell its UK subsidiaries to Mutares, the first UK transaction for the German holding company.
The transaction is expected to be completed by autumn of this year and involve the sale of Knorr-Bremse RailServices (UK) Ltd, its rolling stock maintenance and overhaul businesses as well as its consultancy and project management company, Kiepe Electric Ltd (UK).
Mutares specialises in acquiring divisions from large core businesses with an established business model that has potential for development.
Klaus Deller, Chairman of the executive board of Knorr-Bremse AG said: “We are continuing our ongoing efforts to realign our strategic focus on core competencies as a key supplier for the railway industry, offering subsystems, components and all related services.”
“We are very pleased to have come to an agreement with Mutares, an agreement that will create significant added value for the divested businesses.”
Knorr-Bremse will hand over Knorr-Bremse RailServices workshops in Wolverton and Springburn however will retain the Knorr-Bremse Rail Systems components and aftermarket business.
The businesses being sold will be renamed.
Mutares CEO, Robin Laik commented: “[RailServices and Kiepe Electric Ltd] hold a unique market position in the UK, providing excellent expert services and know-how for the railway industry.”
“Both companies have strong growth potential and are an ideal match for our ongoing operations.”
Commercial collaboration agreements will be drawn up for the businesses so as to ensure preferred integration and installation as a means of offering continuity for customers and a seamless transition.
Knorr-Bremse RailServices specialises in vehicle overhaul and refurbishment as well as modernisation, upgrading, incident repairs and wheelset overhaul while Kiepe Electric is an active global supplier of electrical systems to leading rail vehicle manufacturers.
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