EuroMaint agrees to sell German operations
GERMANY: Rolling stock maintenance company EuroMaint Rail has signed an agreement to sell its German subsidiary to Iberia Industry Capital Group, an Luxembourg-based industrial holding firm which acquires marginal and loss-making businesses with a view to improving their performance. Completion of the deal is expected in Q1 2016.
Announcing the agreement on December 28, EuroMaint Rail said the German operations had experienced ‘difficulties’ for several years, with ‘a negative earnings trend in 2015’ owing to project delays and low volumes.
‘I am convinced that Iberia Industry Capital Group will develop the German operation in the best possible way’, said EuroMaint Rail CEO Ove Bergkvist. ‘The disposal enables us to focus on our core Swedish operation.’