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Germany's Siemens merges train business with France's Alstom

Europe
26.09.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Munich/Paris (dpa) - Germany‘s leading electronics firm Siemens and its French competitor Alstom are merging their train businesses.

The merger was confirmed by Siemens on Tuesday following an extraordinary meeting of the company‘s supervisory board in the southern German city of Munich. The two companies planned a "fusion among equals."

The move appears to be a response to increased competition after the two largest Chinese train manufacturers combined to create the giant CRRC.

Siemens head Joe Kaeser said at the time that European train manufacturers needed to cooperate more to head off competition from the Chinese.

Siemens and Alstom have similar sized train manufacturing arms with combined sales of 15 billion euros (17.7 billion dollars) and 60,000 employees worldwide.

 

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