Strukton Rail is to expand its interest in the Italian railway company Construzioni Linee Ferroviarie (CLF) to 100%. Strukton Rail has been shareholder of CLF since 1998 and increased its interest from 40% to 60% in 2013 through acquisition of shares from co-shareholder Unieco. A put option for Unieco was agreed in that transaction. Unieco has called on the put option, which means that Strukton Rail will be the 100% owner of CLF.
The shares will be transferred by the end of June 2016. Strukton Rail will be the full legal and economic owner of CLF from that moment. Strukton Rail will pay EUR 32 million for the shares, which will be settled at the end of June 2017. A bank guarantee in the amount of the purchase price will be provided as security.
CLF is a leading railway contractor in Italy. With its subsidiary companies, CLF has broad expertise and experience in all technical fields, from railway construction to electrification, signalling and telecommunications. CLF realises major projects in the field of railway construction, renewal and maintenance and lightrail projects in Italy and outside (including Algeria, Morocco, Venezuela and Bulgaria). CLF generated a turnover of ca. EUR 150 million in 2015. The company has over 600 staff members and employs a highly advanced fleet of machines. This makes CLF market leader in mechanised working methods, realising maintenance and renewal projects with minimum hinder of railway services.
The expansion to full ownership of CLF fits well in Strukton Rail’s strategy to strengthen and expand its position as a full-service provider of rail systems and electrical systems for rolling stock in Europe. Strukton Rail applies its expertise in distinctive technologies to reach this aim, including measurement & inspection trains, energy systems and traction electronics for rolling stock. As a rail specialist in joint ventures with renowned system suppliers, Strukton Rail also strives for selective growth outside Europe.