Tag: consortium (Page 3 of 4)

thyssenkrupp Sells Elevator Technology Business for €17.2 Billion

March 16, 2020 / WIL BALDWIN

Consortium of bidders led by Advent, Cinven and RAG foundation

Sales proceeds pave the way for further transformation of thyssenkrupp

Cash inflow remains within the company

Buyers give far-reaching site and employment guarantees for tk Elevator

Closing and purchase price payment expected by the end of the current fiscal year

Martina Merz: “With the sale of Elevator, thyssenkrupp can pick up speed again. We will reduce the company’s debt as far as is necessary and at the same time invest as much as is reasonable in its further development.”

thyssenkrupp sells its Elevator Technology business entirely to a consortium led by Advent, Cinven and RAG foundation. The respective Executive Board decision was approved on Thursday evening by the Supervisory Board of thyssenkrupp AG. The purchase agreement has been signed. Closing of the transaction is expected by the end of the current fiscal year. The purchase price is €17.2 billion. thyssenkrupp will reinvest part of the purchase price^[1] (€1.25 billion) in a stake in the elevator business. The transaction is subject to merger control approvals, although thyssenkrupp does not expect the competent authorities to have any reservations. The proceeds from the transaction will remain within the company and are to be used to the extent necessary to strengthen the balance sheet. Alongside this, the proceeds shall be used to advance the development of the remaining businesses and the portfolio. As announced at the Annual General Meeting at the end of January, thyssenkrupp is proceeding the analysis phase so that a decision on the concrete use of funds can be taken in May.

Martina Merz, CEO of thyssenkrupp AG: “With the sale, we are paving the way for thyssenkrupp to become successful. Not only have we obtained a very good selling price, we will also be able to complete the transaction quickly. It is now crucial for us to find the best possible balance for the use of the funds. We will reduce thyssenkrupp’s debt as far as is necessary and at the same time invest as much as is reasonable in developing the company. With this, thyssenkrupp can pick up speed again.”

The sale of Elevator is a favorable solution not only for the company, its shareholders, customers and employees, but also for the elevator business itself. In the consortium, thyssenkrupp has found new owners for the elevator business who have extensive industrial expertise and offer the workforce a high degree of security. The buyers have a strong track record in profitably growing and nurturing companies to become global champions.

In negotiations with employee representatives and the IG Metall trade union, the buyers have committed to far-reaching site and employment guarantees. In addition, it was agreed that the buyers will continue to manage thyssenkrupp Elevator as a global group. The company will also remain based in Germany and employee co-determination will continue. That means the solution is in line with thyssenkrupp’s understanding of corporate and social responsibility.

“We are not pleased to part with our employees and the elevator business. Nevertheless, today is a good day for everyone involved. With this step, we are opening up real prospects for the future: for the elevator business as an independent company and, with the financial solidity we have gained, also for all other areas of thyssenkrupp,” Martina Merz added.

New Technology Creates Hyper Elevators That Can Go Sideways

Bombardier Celebrates Introduction of the final New Generation Rollingstock in Queensland, Australia

January 29, 2020 / WIL BALDWIN

Fleet of 75 six-car commuter trains, designed and engineered locally in Australia, are already increasing transport capacity and ridership in Queensland
With 70 per cent of Queensland’s future population growth targeted in the South-East region, the NGR fleet will bring a significant capacity increase to meet the growing demand for rail services

The last of 75 trains enters service in Queensland, Australia

Mobility technology solution provider Bombardier Transportation recently celebrated the introduction into passenger service of the final New Generation Rollingstock (NGR) train for the Queensland Government. In addition to delivering the 75 commuter trains, Bombardier will also maintain the entire fleet at its Wulkuraka maintenance centre near Ipswich, Queensland for a period of 32 years.

“Our highly efficient commuter cars have been performing well, providing passengers in Queensland with a safe and comfortable ride. Bombardier is providing mobility solutions through its NGR and Gold Coast projects, helping the Queensland Government deliver its economic and public transportation development programs,” said Wendy McMillan, President, South East Asia and Australia, Bombardier Transportation.

She added, “This significant milestone of the last NGR train delivery in Queensland was achieved thanks to close collaboration between Queensland’s Department of Transport and Main Roads (TMR), Queensland Rail, Bombardier and our partners. Bombardier has created more than 2,000 local jobs across the industry and supply chain throughout this project.”

The trains have been rigorously tested and commissioned to the highest requirements of TMR and Queensland Rail at the Wulkuraka maintenance facility. In addition, they have travelled more than eight million in-service kilometres and conducted over 150,000 passenger journeys since the first trains started service in December 2017.

Last year, Bombardier Transportation signed a contract for $335.7 million AUD with the Queensland Government to deliver modifications to the NGR trains currently being introduced to the South-East Queensland rail network. Bombardier is leading the Qtectic consortium contracted to deliver the NGR project and will undertake the work to upgrade the trains in line with the government’s revised design specifications with an industry partner. The NGR core project team led by TMR, Queensland Rail and Bombardier Transportation worked closely together with the disability sector to ensure the upgraded trains meet the needs of all Queenslanders. Queensland’s train fleet will be one of the most accessible in the country once the upgrades are complete.

Bombardier has been investing in Australia for more than 70 years. As a trusted rail industry partner with over 1,000 local employees, Bombardier designs, engineers, manufactures and maintains rolling stock across Australia, along with providing signalling, rail equipment, asset management and through-life support to customers and operators.

Genesee & Wyoming Announces Completion of Sale to Brookfield Infrastructure and GIC

December 30, 2019 / WIL BALDWIN

Genesee & Wyoming Inc. (G&W) today announced the completion of its previously announced sale to affiliates of Brookfield Infrastructure and GIC.

Under the terms of the sale, each issued and outstanding share of G&W common stock converted into the right to receive $112 in cash. As a result of the completion of the sale, G&W’s common stock ceased trading on the NYSE prior to market open today and will no longer be listed for trading on the NYSE.

“This transaction is an excellent outcome for all G&W stakeholders,” said Jack Hellmann, Chief Executive Officer of G&W. “For our customers, employees, and Class I partners, the long-term investment horizon of Brookfield and GIC is perfectly aligned with the long lives of G&W railroad assets. We look forward to building on G&W’s track record of safety, service excellence and commercial growth as we become an important component of a portfolio of global infrastructure assets.”

About Genesee & Wyoming

G&W owns or leases 119 freight railroads organized in locally managed operating regions with 8,000 employees serving 3,000 customers.

G&W’s six North American regions serve 42 U.S. states and four Canadian provinces and include 113 short line and regional freight railroads with more than 13,000 track-miles.
G&W’s Australia Region serves New South Wales, the Northern Territory and South Australia and operates the 1,400-mile Tarcoola-to-Darwin rail line. The Australia Region is 51.1% owned by G&W and 48.9% owned by a consortium of funds and clients managed by Macquarie Infrastructure and Real Assets.
G&W’s UK/Europe Region includes the U.K.’s largest rail maritime intermodal operator and second-largest freight rail provider, as well as regional rail services in Continental Europe.

G&W subsidiaries and joint ventures also provide rail service at more than 40 major ports, rail-ferry service between the U.S. Southeast and Mexico, transload services, contract coal loading, and industrial railcar switching and repair. For more information, please visit www.gwrr.com.

About Brookfield Infrastructure

Brookfield Infrastructure Partners is a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe. We are focused on assets that generate stable cash flows and require minimal maintenance capital expenditures. Brookfield Infrastructure Partners is listed on the New York and Toronto stock exchanges. Further information is available at www.brookfieldinfrastructure.com.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a leading global alternative asset manager with over $500 billion of assets under management. For more information, go to www.brookfield.com.

About GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In infrastructure, GIC’s primary strategy is to invest directly in operating assets with a high degree of cash flow visibility and which provide a hedge against inflation. GIC has investments in over 40 countries. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg.

Sydney Light Rail Commences Revenue Service

December 15, 2019 / WIL BALDWIN

Light Rail returns to the heart of Sydney

Alstom congratulates Transport for New South Wales (TfNSW), on the opening of the CBD and South East Light Rail project and the start of revenue service, returning Light Rail back down Sydney’s George St for the first time in more than 60 years.

Alstom, as part of the ALTRAC Light Rail consortium[1], has been responsible for the integrated light rail system that included the design, delivery and commissioning of 60 Citadis X05 Light Rail Vehicles (LRV), power supply equipment including APS – the wire-free ground-based power supply (over two kilometres), the energy recovery substations – HESOP, signalling, communications, depot equipment and 19 years of maintenance.

The new 12km network has been delivered under a turnkey PPP model that will provide the commuters of Sydney with frequent, reliable, high capacity services running from Circular Quay in the city’s CBD to Central Station, then south east to Randwick. Each LRV has a capacity of 450 passengers – the equivalent of nine standard buses and will move up to 13,500 commuters per hour (6,750 in each direction) during peak times once fully operational. Normal tram services will operate seven days a week between 5am and 1am.

As part of the contract, the consortium has also taken over the operations and maintenance of the existing Inner West Light rail (IWLR) that connects Sydney’s inner west with the Pyrmont peninsula, Darling Harbour and the southern CBD. Alstom is also responsible for the maintenance of the existing system which includes 12 CAF Light Rail Vehicles.

“Alstom is extremely proud to be a part of this iconic project” said Mark Coxon, Managing Director for Alstom in Australia & New Zealand, “This new Light Rail system will transform Sydney and provide a step change in the city’s public transport capability and reliability while protecting the aesthetic appeal of the CBD and improving sustainability of the overall transport network”

[1] Made up of Alstom, Transdev, Acciona and Capella

Bombardier Announces Long-term Agreement with GTAA to Relocate its Global Aircraft Final Assembly

December 4, 2019 / WIL BALDWIN

Ultra-modern and high-tech manufacturing facility will be located at Toronto Pearson International Airport
Slated for completion in 2023, the one-million square-foot facility will be home to the most advanced aircraft manufacturing processes in the world
Strengthened commitment to Ontario’s aerospace industry, securing job growth and supporting economic development in the region for years to come

TORONTO, Dec. 04, 2019 (GLOBE NEWSWIRE) — Bombardier is pleased to announce that it has signed a long-term lease agreement with the Greater Toronto Airports Authority (GTAA) to build its new state-of-the art Global Manufacturing Centre located at Toronto Pearson International Airport. With preliminary site work underway in Mississauga and first production activities set to begin in 2023, the cutting-edge facility will optimize final assembly operations for all Global business jets, including the industry flagship Global 7500 business jet.

The Global Manufacturing Centre at Toronto Pearson International Airport, approximately 20 km from the current Global aircraft final assembly site at Downsview, will reinforce Canada’s leading position in the business aviation market.

“Today, I’m very excited to announce the relocation of our Global aircraft family production activities to a new, cutting-edge manufacturing facility at Toronto Pearson. This is a strategic move for Bombardier and a strong commitment to Ontario’s aerospace industry. It will allow us to offer world-class career opportunities and continue fueling the economic development of the region for years to come,” said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc.

The one-million square-foot facility will combine thousands of highly-skilled employees with 21st century production and tooling innovation. Bombardier employs the highest caliber technology throughout the manufacturing process of the Global 7500 business jets, including a state-of-the-art automated positioning system that uses laser-guided measuring to ensure major aircraft structures, such as the wing and fuselage, are joined consistently and perfectly each time. Combining human ingenuity with the most advanced machines, the Global 7500final assembly line in Toronto is a testament to the industry’s most advanced business jet.

This strengthened commitment to the Greater Toronto Area will also leverage significant recent R&D investments and a continued collaboration with Ontario’s colleges and universities for world class training, research and development.

Bombardier also confirmed it will continue to support the aerospace heritage of the Downsview site with a multi-million-dollar contribution to the Downsview Aerospace Innovation and Research Consortium (DAIR) to develop a visionary aerospace hub for academic research and training activities. The contribution includes $2.5 million CAD in capital funding to refurbish the historic Moth Building, where wartime Mosquito fighter bombers and Tiger Moth trainers were produced.

Alstom to Supply Driverless Trains & Digital Signalling System for Sydney Metro Extension

November 23, 2019 / WIL BALDWIN

Australia’s biggest public transport project

22 November 2019 – The Northwest Rapid Transit Consortium (NRT) has reached contractual close for the extension to the existing NRT Public Private Partnership (PPP) contract on Sydney Metro.

The contract, which was awarded in 2014, has been extended to deliver a seamless customer experience on the new metro, with NRT to operate and maintain the full metro line from Rouse Hill to Bankstown – in total 66 kilometres of rail and 31 metro stations by 2024.

Alstom has signed a contract with NRT to supply the rolling stock and signalling system for the next stage of Sydney Metro, Sydney Metro City and Southwest. The project is an extension of the Metro North West Line, which successfully opened to customers in May 2019.

Under the contract, valued at approx. €350 million, Alstom will be responsible for the project management, design, supply, manufacturing, testing and commissioning of 23 six-car fully-automated Metropolis trains and the Urbalis 400 Communication Based Train Control (CBTC) signalling system. The trains will be manufactured in Alstom’s manufacturing centre in Sri City, India which successfully delivered 22 Metropolis trains for the Metro North West Line. The contract also includes an option to purchase further trains if required.

“Sydney Metro has been a game changer for the travelling public of Sydney and Alstom is delighted to continue to be a part of this iconic project. It strengthens Alstom’s position as the market leader for the supply of railway technologies in Australia.” said Ling Fang, Senior Vice President of Alstom Asia-Pacific.

As an extension of the existing Metro North West Line, the NRT PPP will provide a fully integrated turn-up and go service along a dedicated 66-kilometre metro network with a total of 31 stations from Rouse Hill through the City and to Bankstown. The Metro North West Line operator, Metro Trains Sydney, will be responsible for the operations and maintenance of the entire line.

The City and Southwest extension includes a 15km greenfield line with seven new stations plus the conversion of the existing suburban rail line to metro rail standards, covering a further 13km of track and 11 existing stations. The project also includes expansion of the current Sydney Metro Trains Facility at Rouse Hill and a new trains facility at Sydenham. Construction of the new line is currently underway with revenue service expected to start in 2024.

The Metropolis trains and digital signalling systems for the City & Southwest project will include the same design and features as the North West Line, designed to meet the specific needs of Sydney. According to the specifications, the new trains will meet strict sustainability criteria; a robust lightweight structure, low energy consumption, high levels of recoverability and recyclability, technical reliability and ease of maintenance. The trains will also be equipped with remote sensors for optimal maintenance planning.

Alstom has put sustainability and the passenger at the heart of its design process. The trains for Sydney will be built with the safety and comfort of passengers in mind, offering accessibility, wide doors and spaces to facilitate passenger flow, acoustic comfort, vibration mitigation and passenger information in real time.

Alstom’s metro trains are a world-leading, proven, safe and reliable train that serve many of the world’s great cities, including Paris, London, Amsterdam, Barcelona and Singapore. Alstom has more than 65 years’ experience in the production of metros, having sold over 17,000 metro cars that operate in 55 cities around the world and carry 30 million passengers every day.

Rouse Hill Station is on Sydney’s first metro line, Metro Northwest, which opened on 26 May, 2019. Services at the 13 metro stations operate every four minutes in the peak in each direction on Australia’s first driverless railway.

Italian Airline Alitalia’s Rescue in Doubt as Atlantia Backtracks

November 19, 2019 / WIL BALDWIN

MILAN, Nov 19 (Reuters) – Italian infrastructure group Atlantia said on Tuesday it was not ready to join a consortium led by Italian railway group Ferrovie dello Stato to rescue loss-making carrier Alitalia, casting a shadow on the entire project.

After months of negotiations and with just one day left before a deadline expires, the group controlled by the Benetton family said that the conditions did not exist yet for it to join a consortium working on Alitalia.

Atlantia added, however, it remained available to engage in negotiations to seek for an industrial partner for the carrier.

A deadline to present a binding offer for Alitalia expires on Thursday, after being postponed several times.

Loss-making Alitalia has been run by special administrators since May 2017 and talks led by Ferrovie have been going on for a year without a deal.

The carrier, which is burning through its cash reserves, is expected to finish its money at the end of this year.

Ferrovie and Atlantia have been in talks with both U.S. carrier Delta Air Lines Inc and, recently, with German airline Lufthansa.

Delta said it was ready to invest 100 million euros ($111 million) in the Italian carrier but sources had said it did not agree with Ferrovie and Atlantia over the development of the Italian carrier’s long-haul business.

On the other hand, Lufthansa said it was prepared to set up a commercial partnership with the Italian carrier but did not want to take a stake in the group before it has gone through a complete restructuring.

“We will not invest in current Alitalia, but we are interested being a commercial partner,” said Lufthansa CEO Carsten Spohr at an event in Berlin on Tuesday.

Italian daily La Repubblica on Tuesday said the airline could be nationalized for some years before being sold.

Analysts calculate that Italian taxpayers have spent more than 9 billion euros to support Alitalia, which has undergone two previous failed rescue attempts.

($1 = 0.9028 euros)

(Reporting by Francesca Landini; Additional reporting by Ilona Wissenbach in Berlin; Editing by Lisa Shumaker)

Delta Might Pull Out of Alitalia Bid Consortium

November 3, 2019 / WIL BALDWIN

MILAN (Reuters) – Delta Air Lines <DAL> could pull out of a consortium looking to rescue Italy’s Alitalia as it is unwilling to enter a possible bidding war with Lufthansa <DLAKY>, newspaper Il Corriere della Sera reported on Sunday, citing two sources.

Delta is expected to say it will not raise its offer to invest about 100 million euros ($112 million) in Alitalia in a letter to be sent in the middle of this week to its consortium partners, Italy’s state railways firm Ferrovie and infrastructure group Atlantia, Il Corriere reported.

It said the rough investment figure could go as high as 120 million euros.

But Germany’s Lufthansa might invest about 150 million euros, Il Corriere said.

Lufthansa is seeking up to 6,000 job cuts, however, versus 2,500 envisaged by a plan drafted by the Delta consortium, the newspaper reported.

A source said last week Lufthansa was ready to invest up to 200 million euros in Alitalia which is running out of cash and scrambling to find new funds.

Italy’s industry ministry has extended to Nov. 21 a deadline for binding bids after an Oct. 15 deadline passed without an agreement among potential rescuers.

Alitalia’s temporary administrators said last month that the company’s liquidity amounted to 310 million euros at the end of September.

But that figure was inflated by advanced payments on pre-paid tickets, Sunday’s Il Sole 24Ore newspaper reported, citing unidentified sources.

The report added that adjusted for future costs, the cash amounted to just 160 million euros, and that it would run out in December.

($1 = 0.8957 euros)

(Reporting by Giulio Piovaccari; editing by Jason Neely)

Airbus, Boeing May Pull Out of Canada Fighter Jet Race

July 8, 2019 / WIL BALDWIN

OTTAWA (Reuters) – Airbus SE <AIR.PA> and Boeing Co <BA.N> may pull out of a bidding process to supply Canada with new fighter jets because they say the contest is unfairly tilted towards Lockheed Martin Corp <LMT.N>, two sources with direct knowledge of the situation said on Monday.

The three companies competing with Lockheed Martin’s F-35 jet have already complained about the way the contest is being run, and expressed concern some of the specifications clearly favour the U.S. firm, industry sources have said in recent weeks.

Next week the government is due to release the so-called request for proposals – the final list of requirements – for the 88 new planes it wants to buy. The contract is worth between C$15 billion (£9 billion) and C$19 billion and the planes are due to be delivered between 2025 and the early 2030s.

Boeing and Airbus have now formally written to Ottawa expressing concerns about the current requirements, said two sources familiar with the matter who declined to be identified given the sensitivity of the situation. The fourth bidder is Sweden’s Saab AB <SAABb.ST>.

Pat Finn, the defence ministry’s top official in charge of procurement, confirmed one of the four companies had sent a formal letter but gave no details. The final request for proposals is due out on July 17 and modifications are still being considered, he said.

“We continue to engage all four of them,” he said in a telephone interview. “We have had some comments (such as) ‘If changes are not made in such a place then we would frankly consider possibly not bidding.'”

“We are looking at those very seriously. I can’t say that we will make every change, but as far as we know we continue to have four bidders in the race.”

Airbus declined to comment. Boeing did not respond to a request for comment.

Canada has been trying unsuccessfully for almost a decade to buy replacements for its ageing F-18 fighters. In May, Ottawa changed the rules to allow Lockheed Martin to submit a bid, prompting Boeing to take the unusual step of announcing publicly it was surprised.

“Anyone who is not Lockheed Martin has expressed a very strong view,” said one of the sources. “We have been pretty clear with the government that this is not a request for proposals that lends to our participation.”

At least one firm has expressed unhappiness that the requirements emphasize the ability to carry out first strikes on targets abroad, a strength of the F-35, said the sources.

The government of Prime Minister Justin Trudeau insists the competition is not rigged. Finn said the defence ministry also had made changes to the requirements at the request of Boeing, Airbus and Saab.

Canada is part of the international consortium that developed the F-35. The former Conservative administration said in 2010 it would buy 65 of the jets but later scrapped the decision, triggering years of delays.

Trudeau came to power in 2015 vowing not to buy the F-35 on the grounds that it was too costly, but Ottawa has since softened its line.

(Reporting by David Ljunggren in Ottawa; Editing by Matthew Lewis)

FILE PHOTO: A real-size mock of F-35 fighter jet is displayed at Japan International Aerospace Exhibition in Tokyo

Alstom to Supply 32 Additional DT5 Metros for Hamburg

June 28, 2019 / WIL BALDWIN

28 June 2019 – Alstom, in consortium with Bombardier Transportation, will supply 32 further DT5 metro trains to Hamburger Hochbahn AG (Hochbahn) for a total amount of 186 million euros. Alstom’s share of the contract amounts to over 100 million euros. As part of this contract, Alstom will supply the mechanical part, the bogies and the mechanical braking system, while Bombardier will supply the electrical equipment, the driving system, the passenger information system and the vehicle control system. The trains will be assembled at Alstom’s site in Salzgitter, Lower Saxony. The new trains are to be put into service from January 2021 onwards.

“For many years now, our vehicles have been shaping mobility in Hamburg. This order confirms that customers and passengers are satisfied with our vehicles and will continue to rely on the DT5 trains in the future. With this order we will have delivered a total of 163 vehicles to Hamburg. This is a proof of our long-standing, trusting and sustainable cooperation with Hochbahn”, says Dr. Jörg Nikutta, Managing Director for Alstom in Germany and Austria.

The DT5 metro fleet has been in operation in Hamburg since autumn 2012. The Hochbahn has now ordered a total of 163 metro trains of this generation in order to cope with the increasing number of passengers in the city. In the past, Alstom had already delivered the DT2, DT3 and DT4 fleets – a total of 462 trains – to the Hamburg subway system.

Hamburg is the second largest city in Germany and the eighth largest city in the European Union. In order to meet the needs of such a large urban population, the DT5 was designed as a modern, spacious subway with wide corridors, a continuous interior and multi-purpose areas adapted to new passenger needs. Each of the 40 meter long three-car trains has 96 seats, 240 standing spaces and two additional wheelchair spaces. The DT5 also offers high passenger comfort, such as air conditioning, passenger information and monitoring systems as well as automatic door closing.

The DT5 subways are environmentally friendly. Their lightweight stainless steel car bodies and regenerative braking system contribute to improving energy efficiency. The vehicles are very quiet, which makes the Hamburg subway one of the quietest in the world.

As part of the Hamburg Senate’s bidding offensive, Hochbahn is expanding its range of services by an average of around five percent per year over the next three years. The new services include significantly tighter metro intervals and a massive expansion of the bus service with new express and area buses. The latest subway generation (DT5) is now to be increased by 32 vehicles and up to 163 vehicles at a later stage.

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