Sale of AnsaldoBreda and Ansaldo STS from Finmeccanica to Hitachi
Image courtesy of Eurostar
Finmeccanica and Hitachi have announced the completion of the sale of AnsaldoBreda S.p.A. (excluding certain revamping activities and residual contracts) and Ansaldo STS to Hitachi.
Finmeccanica considers Hitachi to be the best partner to ensure the long-term success of its transportation activities, as well as the security to the businesses and their employees. The agreement was signed on 24 February, 2015 and announced on 6 March, 2015, worth a total of 761million.
As a result, Finmeccanica Groups net debt will reduce by 600million by the end of this year, with a capital gain of an estimated 250million.
Finmeccanicas CEO and General Manager Mauro Moretti said:
“With the sale of the transportation business Finmeccanica becomes a pure Aerospace, Defence and Security player. This is a key step in the execution of our industrial plan, aimed at focusing and strengthening the group in the core business and at delivering on our economic and financial objectives. I am sure both AnsaldoBreda and Ansaldo STS will play a key role in the future development of Hitachi Rail business worldwide.”
Alistair Dormer, Global CEO of Hitachi Rail Group, said:
With these acquisitions Hitachi will strengthen its position in signalling and traffic management systems, expand turnkey operations and enlarge its portfolio with world-class products. The combination of Ansaldo and Hitachis complementary portfolios will also deliver a unique opportunity to pursue untapped growth potential in new markets.