(Reuters) – French practice maker alstom (EPA:) mentioned on Monday it has accomplished the sale of its North American legacy signaling enterprise to Knorr-Bremse for $690 million.
“The completion of the sale completes the execution of the corporate’s €2 billion ($2.2 billion) deleveraging plan,” Alstom mentioned.
The corporate introduced the sale in April as a part of a plan to chop 2 billion euros of debt. The corporate additional outlined the plan in Could, which included a $1 billion rights difficulty backed by main shareholders.
Alstom is the world’s second-largest practice producer after Chinese language state-owned CRRC and has orders for HS2 high-speed rail from the UK and the biggest practice tender contract in Danish railway historical past.
Its money woes are partly attributable to troubled contracts inherited from its 2021 acquisition of Bombardier’s (OTC: ) rail enterprise.
(1 USD = 0.9043 Euro)
