ITALY: Indian rolling stock manufacturer Titagarh Wagons completed the purchase of Italian company Firema Trasporti on July 9.
The acquisition of the business from the administrator as a going concern was made through the Titagarh Firema Adler subsidiary registered in Milano. Titagarh Wagons said Adler Plastics SpA will hold a 10% stake in the Italian company.
According to Titagarh Wagons, the deal forms part of a strategy to increase its presence in markets outside India. It said Firema Trasporti is an established designer of passenger and metro rolling stock and traction systems, offers repair and maintenance services and has ‘designs and capabilities’ for the production of shunting locomotives.
Titagarh Wagons made its first overseas acquisition in 2010, when it entered the European market with the purchase of the assets of French rolling stock manufacturer IGF Industries-Arbel Fauvet Rail which had entered receivership the previous year.
Titagarh also attempted to bring US wagon technology to the Indian market in partnership with FreightCar America, but their joint venture was dissolved amicably in 2013 when became clear that type approval would be unacceptably slow.