Alstom completes acquisition of South-African rail company CTLEStaff writer ▼ | April 8, 2016
Alstom announced the acquisition of a 51-percent share in South African company Commuter Transport and Locomotive Engineering (CTLE) to address the need for transport in the region.
Acquisition Commuter Transport and Locomotive Engineering has been sold
The announcement follows the South African antitrust authorities' approval of the agreement with CTLE. The shares were acquired from Commuter Transport Engineering (CTE) and Industrial Development Corporation (IDC), both of which will remain shareholders of CTLE.
CTLE is to be given a new name, "Alstom Ubunye", the Zulu word for "unity", and is to be assigned a new CEO, Yvan Eriau. According to Alstom, the company will reinforce its structure and broaden its portfolio.
Established in 1964, CTLE was formerly known as Union Carriage and Wagon (UCW).
It provided rail vehicles for the South African Railways and executed export orders for several Asian and Southern African countries. Based east of Johannesburg, CTLE has over 400 employees and generated a turnover of more than 15 million euros (17.11 million U.S. dollars) in 2014.
Established in 1928, Alstom is a French multinational company specialized in the rail transport markets, present in over 60 countries and employing 32,000 people. It recorded sales of 6.2 billion euros and booked 10 billion euros of orders in 2014-15. ■