Indian manufacturer Titagarh Wagons Limited has announced the acquisition of Italy-based rolling stock manufacturer Firema Trasporti.
The wagon manufacturer will enter the metro coach and high speed train market acquiring the transfer of technology, intangible assets and some liabilities, relating to ongoing orders, from the administrators of Firema Trasporti SpA.
The business has been acquired through Milan registered subsidiary company Titagarh Firema Adler S.p.A. Titagarh Wagons now holds a 90 percent share in the company while Adler Plastics S.p.A holds the remaining 10 percent.
Before Firema entered administration in 2010, it was a major player in the manufacture of metro coaches and high-speed trains, propulsion systems and converters. The company produced rolling stock for the Italian State Railway, Metro Campania and Milanâ€™s Metro system.
Mr J.P Chowdhary, Group Chairman of Titagarh said: â€œThis is a big milestone for our Group and will completely transform the size and outlook for the Group. Iâ€™m sure that we will make a grand success of this acquisition.â€