Faiveley Transport and Wabtec received today a conditional clearance from the European Commission for their proposed combination.
The approval is conditional upon a commitment to divest Faiveley Transport Gennevilliers (FTG), the sintered brake material company of Faiveley Transport, representing sales of around €12 million.
Completion of the proposed combination of Faiveley Transport and Wabtec remains subject to the approval of the buyer of FTG by the European Commission and to regulatory clearance in the United States, where both companies continue to cooperate with the US Department of Justice to reach approval. The acquisition of the Faiveley family stake by Wabtec is expected to occur in Q4 2016.
Faiveley Transport is a global supplier in integrated systems for the railway industry.
The Group supplies manufacturers, operators and railway maintenance bodies worldwide with the most comprehensive range of systems in the market: Energy and Comfort (heating, ventilation and air conditioning ; power collectors and convertors, information and safety systems), Access and Mobility (platform doors & gates and access doors), Brakes and Safety (braking systems and couplers) and Services.
With more than 5500 employees in 24 countries, Faiveley Transport generated sales of €982 million for the 2013/2014 financial year.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.