Bombardier unit to buy Russian signaling co.
Initially, BT Signaling B.V. will purchase a 25 percent stake in Elteza. Following further approval, BT Signaling B.V. will increase its stake to nearly 50 percent. RZD will remain the majority shareholder.
Bombardier's BT Signaling B.V. signed an agreement to purchase a stake in the signaling equipment manufacturer United Electrical Engineering Plants, known as Elteza, which is a subsidiary of Russian Railways (RZD).
Initially, BT Signaling B.V. will purchase a 25 percent stake in Elteza. Following further approval, BT Signaling B.V. will increase its stake to nearly 50 percent. RZD will remain the majority shareholder.
Elteza is Russia's largest signaling equipment producer with more than 3,000 employees across seven manufacturing sites. The company focuses on the design, development and production of rail signaling equipment and automatic and remote train control systems, which have been delivered in Russia, the Commonwealth of Independent States (CIS) and the Baltic states.
The new partnership will be one of the first successful examples of the privatization of a Russian Railways' subsidiary and part of the modernization strategy of RZD.
Completion of this transaction is subject to the approval of all required governmental authorities and to other consents and other usual conditions. The transaction is expected to be completed during the first quarter of 2011.
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