HUNGARY: A commercial court initiated liquidation proceedings on October 15 against rolling stock businesses Ganz-Mavag International and the Dunakeszi Járműjavító plant, both owned by Hungarian investment company Magyar Vagon.
Three days later, the national government responded by formally declaring the companies as strategic assets, deeming these operations to be of ’national importance for reasons of transportation safety and for of the provision of essential public services, as well as implementing projects that are nationally economically significant’.
Dunakeszi Járműjavító has been carrying out major overhauls of hauled coaches for national operator MÁV Személyszállítási Zrt, but local industry association VEKE has reported that the plant has not been able to complete these works as scheduled in recent months.
Magyar Vagon acquired Dunakeszi Járműjavító from the TMH Hungary Invest joint venture in July 2022; DJJ was previously owned by the TMH International subsidiary of Russian rolling stock group Transmashholding.
The transaction left Magyar Vagon — through its Ganz-Mavag International subsidiary — responsible for completing the contract to supply 676 coaches to Egyptian National Railways, from a total of 1 350 initially ordered. In June 2025, ENR reported that 1 047 of the coaches had been completed.
In March 2024, Ganz Mavag Europe, a consortium of Magyar Vagon (55%) and Hungarian state-owned investment fund Corvinus (45%), put forward a €619m offer to buy Patentes Talgo, which was rejected by the Spanish government in August of that year.
