CAF business unit CAF MiiRA has completed the takeover of Milan-based wheelset and railcar maintenance service provider RIFER.

The takeover is expected to strengthen CAF MiiRA's position in the wheelset maintenance service business, and allow the company to offer its products and services to Central European countries.

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The transaction is also in line with the CAF Group’s development plan for the next few years, which will see the organisation focus on growth and diversification.

RIFER employs roughly 60 personnel and has achieved significant growth in recent years by modernising its facilities, production processes and methods.

The acquisition is expected to strengthen CAF Group’s position in the wheelset maintenance services sector at an international level, allowing the company to offer integrated services beyond product supply.

"The takeover is expected to strengthen CAF MiiRA's position in the wheelset maintenance service business, and allow the company to offer its products and services to Central European countries."

CAF MiiRA has also purchased a minority shareholding in the RIFER group unit Cosmef, a company of comparable size that provides heavy-maintenance work for railcars.

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The company noted that the move will enable it to take full advantage of the synergies between both firms, while ensuring that the railcar maintenance business remains within the CAF Group's orbit.

CAF MiiRA specialises in the design and manufacture of wheels, axles, gearboxes, wheelsets and couplers for different railcar systems.

The company has reached annual turnover levels of nearly €120m and has more than 80 years' experience in the sector.

CAF MiiRA signed a contract last week with the Arriva Rail North Limited operator to manufacture two fleets of 43 electric trains and 55 diesel trains, and a first group operator project for the supply and maintenance of 66 passenger cars and 12 5-car electric units.

The combined value of both projects is approximately €1bn.