Knorr-Bremse has completed the acquisition of Vossloh’s electrical systems business unit, Vossloh Kiepe, to expand the purchasing company's rail systems portfolio.
Prior to this, the companies secured merger control clearance from the German Federal Cartel Office for the purchase agreement, initially signed on 21 December last year.
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By GlobalDataKnorr-Bremse executive board chairman Klaus Deller said: “The main benefits for our customers will be the technological advantages generated by greater sub-system connectivity.
“This acquisition will lead to the expansion of not only our rail vehicle systems portfolio but also our commercial vehicle systems offering.”
The agreement was subject to various conditions, in particular antitrust clearance, with all having now been met.
Vossloh executive board chairman Dr Hans Schabert said: “The transformation of Vossloh into a rail infrastructure group is at an advanced stage.
“Vossloh’s profile as a focused, global and leading supplier of comprehensive solutions for rail infrastructure is becoming increasingly clear.”
Following the completion of the deal, Vossloh’s net financial debt is set to be reduced by around €45m.
Vossloh Kiepe supplies electrical traction equipment and specialises in eco-friendly drive technology for light rail vehicles, metros and regional rail networks. The unit reported sales of almost €250m in 2015.
At present, Vossloh is intensifying the selling process of the remaining business unit of the Transportation division, Vossloh Locomotives.
