Appian sells Skoda
SKODA TRANSPORTATION: Regulatory approval is expected in November for the sale of US investment company Appian Group’s 100% stake in the Czech Republic’s largest rolling stock manufacturer for an undisclosed price.
Under the deal announced on September 20 more than 50% of the company is to be bought by Tomás Krsek and Michal Korecky, senior managers at Skoda Transportation, with the remainder being acquired by Appian managers Marek Cmejla and Jirí Divis. This will complete the final stage of Skoda Transportation’s restructuring programme. Partial flotation is proposed for the near future.
Appian Group took over Skoda Holding in January 2003 for KC800m. It has subsequently sold the whole of the engineering giant’s portfolio, with Plzen-based Skoda Transportation being the last production division. A series of acquisitions have included Skoda Electric, Skoda Vagonka, Pars Nova, Movo, VÚKV and POLL. Outside the Czech Republic are Ganz-Skoda in Budapest and Sibelektroprivod in Novosibirsk. Skoda Transportation manufactures heavy rail vehicles, trams, metro cars and trolleybuses.