HITACHI said it was aiming to become a world leader in train building after it agreed to buy an Italian manufacturer
The Japanese company, which will open a train factory in Newton Aycliffe
County Durham later this year, has agreed to buy Rome-based Finmeccanica's loss-making AnsaldoBreda train business, and the Italian company's 40 per cent stake in the Ansaldo signalling unit.
Finmeccanica is selling the rail unit to focus on faster-growing helicopter, aerospace and defence businesses and cutting debt at the company.
AnsaldoBreda, with four plants and 2,300 workers, is a world leader in driver-less metro trains. It is headquartered in Naples and has offices in the US.
Alistair Dormer, the global chief executive 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.”
The Japanese firm came close to sealing a deal last November, but a subsequent offer from a Chinese company delayed Finmeccanica's final decision.
The deal, worth a reported £1.3bn, is subject to regulatory approval.
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