Alstom Raises Stake in Russia's Transmashholding to 33%
December 29 2015 - 10:44AM
Dow Jones News
By Inti Landauro
PARIS--Alstom SA (ALO.FR), the French engineering group best
known for its high-speed trains, said Tuesday it raised its stake
in Russian rolling-stock manufacturer Transmashholding to 33%.
Alstom said it paid $54 million to acquire a larger stake in its
Russian partner, in which it already held 25%.
The recent slump of the ruble makes the rolling-stock
manufacturer more competitive on foreign markets and could be a
good base for exports, the company's Chief Executive Patrick Kron
said this year. Mr. Kron singled out Kazakhstan, where the
Alstom-Transmashholding partnership is active.
Alstom's management has said it would use part of the proceeds
of this year's sale of its power equipment division to General
Electric Co. (GE) to strengthen its train business through
acquisitions. The French company divested the power turbine
business as a result of a global slump in demand for new power
plants and rising competition from larger rivals.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
December 29, 2015 10:29 ET (15:29 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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