Germany’s Siemens, France’s Alstom merge to create new European rail champion— The Local de

The maker of France’s TGV trains announced on Tuesday a “merger of equals” with German industrial leader Siemens in a giant and politically tricky deal to create a new European rail champion.

The state-controlled Alstom, the manufacturer of French high-speed trains, which are a source of national pride, called the tie-up with its German competitor “a key moment in Alstom’s history, confirming its position as the platform for rail sector consolidation”.

Germany's Siemens, France's Alstom merge to create new European rail champion

A French TGV train and a German ICE train. Photo: DPA.

“We are creating a new European champion in the rail industry for the long term. This will give our customers around the world a more innovative and more competitive portfolio,” said Joe Kaeser, president and CEO of Siemens AG.

(…)

“The merger is necessary to challenge the Chinese mastodon (CRRC Corp) which is two to three times bigger than we are,” said Claude Mandart, head of the biggest Alstom trade union, the CFE-CGC, earlier Tuesday.

“At the same time we’re worried because we’re in direct competition with Siemens in all areas: very high speed trains, signalling, regional trains, metros, trams,” he added.

Read full on The Local de

->>>>><<<<<-

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.