PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Finmeccanica North America

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Hitachi to Invest in Signalling and Rolling Stock Operations - The Boards of Directors of Hitachi Ltd have announced that they have signed binding agreements for the purchase and sale - [TSE: 6501] - Hitachi-EU.com / Finmeccanica.com
Hitachi to Invest in Signalling and Rolling Stock Operations

 

NewswireToday - /newswire/ - Tokyo, Japan, 2015/02/24 - The Boards of Directors of Hitachi Ltd have announced that they have signed binding agreements for the purchase and sale - [TSE: 6501] - Hitachi-EU.com / Finmeccanica.com. FNC IM; SIFI.MI

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Aviation/Aerospace Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Today the Boards of Directors of Hitachi Ltd ("Hitachi" or “Hitachi Group”) and Finmeccanica S.p.A. (“Finmeccanica” or “Finmeccanica Group”) have announced that they have signed binding agreements for the purchase and sale of:

• the current business of AnsaldoBreda S.p.A., with the exclusion of some revamping activities and certain residual contracts, and
• the entire interest owned by Finmeccanica in Ansaldo STS S.p.A. (“Ansaldo STS”), equal to approximately 40% of the share capital.

The simultaneous closing of the transactions is expected later this year and is subject to certain customary conditions, such as regulatory and antitrust approvals.

The acquisitions represent a key milestone in Hitachi Rail’s strategy to become a global leader in total rail solutions. Whilst significantly expanding its global footprint, the acquisitions will enable Hitachi to strengthen its position in signalling / traffic management systems, expand turnkey operations and enlarge its portfolio with world class products. The businesses acquired are strategically important for Italy and the combination with Hitachi will also provide a unique opportunity to pursue untapped growth potential in new markets.

Finmeccanica has selected Hitachi as the best industrial partner to ensure a successful long term repositioning of its transportation business, following a competitive process. The integration into Hitachi will secure the best possible future for the Ansaldo STS and AnsaldoBreda businesses and their employees, marking a fundamental step in executing the Industrial Plan of Finmeccanica, which becomes a pure Aerospace, Defence & Security company. As a result of these transactions, Group Net Debt at the end of 2015 will reduce by ca. Eur 600 million, with a net total capital gain of ca. Eur 250 million.

Hiroaki Nakanishi, Chairman & CEO of Hitachi, Ltd. said: “I am very pleased to announce that Hitachi has today agreed with Finmeccanica to proceed with this important transaction. This acquisition complements Hitachi’s strategy to grow our Social Innovation Business, combining IT technology with our sound infrastructure solutions.“

Finmeccanica’s CEO and General Manager Mauro Moretti said: "The sale of the rail transport business is a key step in the execution of our Industrial Plan, aimed at focusing and strengthening the Group in the core business-hi-tech Aerospace, Defence & Security. The transactions announced today confirm our commitment to deliver on our economic and financial objectives contribuiting to significantly reducing net debt. Hitachi has clearly recognized the know-how and expertise which would be contributed by both AnsaldoBreda and Ansaldo STS within the new Group. I am sure both companies will play a key role in the future development of Hitachi Rail business worldwide, with their centers of excellence in Transportation Systems and Mass Transit".

Alistair Dormer, Global Chief Executive Officer of Hitachi Rail said: “With the addition of these companies we are in an excellent position to transform Hitachi Rail into one of the strongest global players in the sector. Today’s announcement is a further testament to the long-term vision we have for growth of Hitachi. By combining forces, we significantly strengthen our market position, aspiring to become a leading global total solution provider to the rail sector.”

Ansaldo STS is a leading, world-class Transportation Systems technology company specialized in the design, implementation and management of signalling equipment and control systems for railways and underground railways in the freight and passenger market. Ansaldo STS also acts as a main contractor and supplier of “turnkey” transportation systems worldwide. Ansaldo STS is headquartered in Genoa and employs about 4,000 people (of which 1,530 in Italy) in more than 30 countries.

AnsaldoBreda has more than 160 years of experience in the industry and a strong tradition in the field of rail vehicles, with consolidated capabilities in Mass Transit and Very High Speed Trains. It is headquartered in Naples and has presences in the USA and major projects globally.

The purchase price under the Ansaldo STS Share Purchase Agreement is Eur 9.65 per Ansaldo STS share, resulting in a total consideration of Eur 773 million. The agreed purchase price is subject to a possible pre-closing downward adjustment, in the event that Ansaldo STS approves any distribution of dividends, interim dividends or other distributions.
The total net consideration to be paid to Finmeccanica under the purchase agreement of the current business of AnsaldoBreda and the real estate assets amounts to Eur 36 million.

Finmeccanica will update its FY2015 Group guidance on completion of the transaction.

Following close of the acquisitions, Hitachi will launch a mandatory tender offer on all remaining shares of Ansaldo STS in accordance with Italian law.

Advisors
For the transaction, Finmeccanica was assisted by Mediobanca and UBS as financial advisors and by Grimaldi Studio Legale as legal advisor. Independent Directors of Finmeccanica’s Board were assisted by Equita Sim as financial advisor. Hitachi Group was assisted by Citi as financial advisor and by Gianni, Origoni, Grippo e Cappelli as legal advisor.

Finmeccanica’s Contact
Investor Relations & SRI: Raffaella Luglini
E: ir[.]finmeccanica.com / raffaella.luglini[.]finmeccanica.com
T: +390632473066

Hitachi Group’s Contacts
Press Office: Daniela Karthaus
E: daniela.karthaus[.]hitachirail-eu.com
T: +44(0)20 7970 2720 /+44(0)16 2858 5714 / M: +44(0)79 2020 5631

Investor Relations: Yuki Maeda
E: yuki.maeda[.]hitachi-eu.com - M: +44(0)78 268 90719

Comin & Partners
Press Office: Riccardo Acquaviva
E: riccardo.acquaviva[.]cominandpartners.com
T: +39 06 89169407 / M: +39 348 0811485

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Aviation/Aerospace Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Finmeccanica North America

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Aviation/Aerospace articles,
CATCH Visitors via Your Competitors Announcements!


Hitachi to Invest in Signalling and Rolling Stock Operations

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

Finmeccanica | Hitachi Ltd
Publisher Contact: Federico Fabretti - Finmeccanica.com 
+39 0632473060 / +39 3357534768 (mobile) ufficiostampa[.]finmeccanica.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Finmeccanica North America securities in any jurisdiction including any other companies listed or named in this release.

Aviation/Aerospace via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Finmeccanica North America / Company Profile


Read Aviation/Aerospace Most Recent Related Newswires:

Embraer Delivers its 1,300th E-Jet to Tianjin Airlines
Thales Alenia Space and SENER Begin their Business Alliance in Optical Payloads for Space Missions
Saab and Embraer Inaugurate the Gripen Design and Development Network in Brazil
AMES Launches New Nacelle and Aerostructure Repair, Overhaul Services Capabilities
Leonardo - SW-4 ‘Solo' Rotary Wing Unmanned Air Vehicle and Advanced Airborne Sensors at Unmanned Warrior 2016
Embraer Signs Agreements with United Airlines and Republic Airways
GE Assigned Maintenance Role for Systems on F-35 Aircraft in Australia
Frost & Sullivan Commends Airbus DS Communications for Adding High Value to the NG911 Market with its VESTA® Solution Suite
Thales Alenia Space Completes the Acquisition of RUAG’s Opto-electronics Business Line
Thales to Equip Avionics Systems on China Southern Newest Boeing 737 Fleet
Thales to Equip Avionics Systems on 180 Newest China Eastern Single Aisle Boeing and Airbus
Leonardo Wins Contract in China to Provide Air Traffic Control Radars
Safran's Silvercrest Engine Selected by Cessna to Power its New Citation Hemisphere Large-cabin Business Jet
Leonardo Announces Contract with Airbus for the New A321 Fuselage
Thales will Provide AVANT IFE Solution for Emirates Boeing 777X Fleet

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  BizJobs.com





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)