VOSSLOH: On June 18 Vossloh announced it had received an offer for the purchase of its Infrastructure Services business from Vinci Group company Eurovia. The offer for a 100% equity stake amounts to €150m, based on an enterprise value of around €185m.
Vossloh AG Chief Executive Werner Andree said the board was considering divesting Infrastructure Services, as a sale to Eurovia would enable it 'to develop further in a direction focused even better than to date on the changing market and competitive environment of this business unit.'
Infrastructure Services builds and maintains track and overhead equipment. It was acquired as part of the Cogifer Group in 2002, but differs from Vossloh's other business units in its limited international activities, with most work being done in France and Luxembourg. It has around 1 500 employees, and sales of €210m in 2007.
- Vossloh recorded its 'best ever' performance in 2007, according to Andree. Sales of €1·23bn were up 21%, and EBIT grew 47% to €121·5m, with profit of €1·4m more than treble the previous year. Further acquisitions are planned. 'We can shop for up to €400m at any time without having to raise our capital', said Andree. 'Potential candidates are service providers and component manufacturers'.