Faiveley Transport Successfully Completes the Acquisition of Ellcon-National
31 July 2008
Faiveley Transport, a company controlled by Faiveley and Sagard, confirmed today that it has completed the acquisition of 100% of Ellcon-National equity shares, a US based railway brake specialist.
Ellcon-National, founded in 1910, is based in Greenville, South Carolina and employs around 300 people. In 2007, it had annual sales of around $58 million (€36.9 million). The company produces a wide range of products for freight wagons such as brakes and loading devices, together with equipment for passenger rail cars including stainless steel doors and windows for intercity and light-rail vehicles.
This acquisition is strategically important for Faiveley Transport and its customers. "Ellcon-National is the perfect strategic match for Faiveley Transport; the combination of both activities will allow us to improve our offer in both the US and the railway freight market, areas where, up until now, we have had a limited presence," states Robert Joyeux, CEO of Faiveley Transport. Furthermore, the US railway market is dominated by freight and is valued at $10 billion for 2008-2018.
By joining the Faiveley Transport Group, Ellcon-National will be able to take a step forward in their international development: "Working with Faiveley Transport’s teams, renowned for their technical expertise and global presence, will enable us to reach new worldwide markets," confirmed Emil Kondra, chairman and CEO of Ellcon-National.
