Vossloh sells its locomotive business to China

[John Ashworth]

Vossloh sells its locomotive business to CRRC

Today, Vossloh AG signed a contract for the sale of its Locomotives business unit, currently reported as discontinued operations, to CRRC Zhuzhou Locomotive Co., Ltd., Zhuzhou, China (CRRC ZELC), a subsidiary of the China Railway Rolling Stock Corporation Ltd. (CRRC). CRRC is the largest rolling stock manufacturer in the world.

The agreed purchase price is still subject to adjustment at the closing date, depending on the development of various balance sheet positions, and is projected to amount to a low single-digit million figure...