Faiveley Acquires the Australian Subsidiary of the Integrian Group
06 December 2007
Saint-Denis, France - Faiveley Transport, a company owned by Faiveley and Sagard, has today completed the acquisition of the railway assets of the Australian company Integrian, formally known as Innovonics, located in Melbourne from the administrators (Craig Shepard and Leanne Lesser from KordaMentha) who have been managing the company since 25th October 2007.
Integrian, formally Innovonics, design and manufacture on-board electronic equipment, which is fitted to metros and trains mainly in Australia, the UK and Spain. This acquisition will enable Faiveley Transport to access new product families and technologies such as passenger information systems and train positioning systems. It will also enable Faiveley to complement its range of existing products in the field of video surveillance, event recorders (black box), driver vigilance devices and driver aid equipment.
The acquisition includes the intellectual property rights of the products, the stock and work-in-progress, the main key railway projects and the transfer of 36 key staff from Integrian, half of them from the engineering department. These 36 staff will become part of the Australian subsidiary of the Faiveley Transport Group.
Furthermore, this acquisition will strengthen the Melbourne branch of Faiveley Transport Australia. The branch will continue to be located in the building previously occupied by Integrian. Synergies will be implemented to develop new video systems to address the growing market demand but also to expand sales on a worldwide basis. This acquisition will make a positive contribution to the group's operating margin as well as strengthening the electronic product line.
The short-term target of the company will be to restart those projects that have been transferred to Faiveley Transport through a focus on the service to the customers. The company will then begin activities to expand its railway business in the Asian-Pacific region and in Europe.
