Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Alstom sells North American conventional signalling business for around $670 million

Published 04/19/2024, 12:53 PM
Updated 04/19/2024, 01:37 PM
© Reuters. A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019.   REUTERS/Regis Duvignau/ File photo
ALSO
-

(Reuters) - French train manufacturer Alstom (EPA:ALSO) has agreed to sell its North American conventional rail signalling business to German rail systems manufacturer Knorr-Bremse AG for around 630 million euros ($671 million), it said on Friday.

The business sold accounted for approximately 300 million euros in revenues for full-year 2023/24, the group said in a statement, adding that it will continue to serve the North American signaling market in other segments.

The proceeds from the sale, net of expected tax and transaction costs, should amount to around 620 million euros.

The deal is expected to close as soon as the summer, Alstom said, following regulatory approval.

© Reuters. A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019.   REUTERS/Regis Duvignau/ File photo

The transaction is part of Alstom's plan to reduce its debt by 2 billion euros, which will be revealed in detail on May 8.

($1 = 0.9385 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.