Astra Rail Industries

Astra Rail Industries (ARI)
Predecessor International Railway Systems, IRS (2002-2011)
Successor Greenbrier-Astra Rail (2016)
Founded 2012
Headquarters Romania
Products Rail wagons
Website www.astrarail.com

International Railway Systems (IRS) is a Romanian rail vehicle manufacturing company. It was formed in 2002 as part of the Trinity Industries Inc. European assets, adding further manufacturing plants in Romania, and a part forging plant in the Czech Republic. In 2012, IRS's three main Romanian manufacturing facilities were reformed under the name Astra Rail Industries (ARI), and other activities were sold to third parties. In 2016, The Greenbrier Companies and Astra Rail agreed to form a joint venture, 75% owned by Greenbrier, incorporating both the company's European operations. The new business was named Greenbrier-Astra Rail.

History

International Railway Systems (2002-2011)

International Railway Systems was founded in 2002. The company acquired MEVA SA in Drobeta Turnu Severin, Romania from Trinity Industries Inc. in 2002. In 2004 ROMVAG SA in Caracal was acquired.[1]

In 2006 IRS bought the European assets of Trinity Industries Inc. (USA) for $30 million.[2] The acquired businesses were Astra Vagoane Arad (Romania), MSV Metals Stdenka (Czech Republic),[note 1] and works in Zug, Switzerland and Poprad, Slovakia.[4]

The resultant company in 2007 had three main business divisions: the rail manufacturing division consisted of Astra Vagoane Arad, Meva SA, and Romvag Caracal plus metal forgings manufacturer MSV Metal Studenka; rail wagon fleet company Servtrans; and the marine division through the holdings in Severnay shipyard.[5]

In 2008 IRS together with an investor associate acquired a controlling share holding in three former subsidiaries of Mašinska Industrija Niš (Nis, Serbia), the manufacturing companies: MIN Vagonka (wagons), MIN Lokomotiva (locomotives), and Specijalna Vozila (lifting equipment, specialised vehicles). IRS acquired a 49% share of parent holding company Friulexport d.o.o..[6][7] In 2009 the contract of sale was annulled, and the privatisation of the companies reversed.[8][9]

In 2009 the company's exports amounted to 1.1% of Romania's total exports,[10] and was the largest European manufacturer of rail wagons with a 20% market share.[11] IRS's rail wagon orders were deeply affected by the Great Recession following the financial crisis of 2007–08 resulting in the main wagon building business becoming insolvent in 2010.[12]

Bankruptcy (2010-2011)

Following a severe downturn in rail wagon orders due to economic depression, Astra Vagoane Arad, Meva and Romvag Caracal became insolvent in 2010, and they were re-organised in 2012 as 'Astra Rail Industries'.[13]

MSV Metal Studenka also entered insolvency in 2011,[14][15] it was acquired by JET investment in 2013.[16]

Subsidiary rail freight operator Servtrans entered insolvency in 2011, and was acquired by rail operating group 'Grampet Services' in late 2011.[17][18]

The 29% stake in Severnav shipyard was put up for sale by the liquidations in 2014.[19]

Astra Rail Industries (2012-2016)

The three rail vehicle manufacturing sites in Romania were reformed under Astra Rail Industries in 2012. The companies were acquired for €30 million which was returned to creditors. The new company's parent was Astra Rail Management BV (95%, Netherlands).[13][20][21]

APROMAT ARAD and ICPV Arad were acquired in 2013.[22]

In Oct 2016 the holding company Astra Rail Management and The Greenbrier Companies (USA) announced they intended to merge their European activities into a joint venture "Greenbrier-Astra" - as part of the agreement Greenbrier was to pay $60million total to Astra Rail, with the joint venture becoming 75% owned by Greenbrier.[23]

See also

References

  1. ↑ "International Railway Systems (IRS) takes over the European business of Trinity" (PDF), Wascosa Eurotank (8): 3, Sep 2006, archived from the original (PDF) on 2014-07-26, IRS [] was founded in 2002 [..] Meva was acquired by Trinity in 1999 and sold to IRS in 2002 [..] Romvag was purchased when the former owner went bankrupt in 2004
  2. ↑ International Railway Systems SA, Announces Acquisition of Trinity's European Rail Business, International Railway Systems, 6 Aug 2006, archived from the original on May 3, 2007
  3. ↑ "MSV Metal Studénka, a.s.: History", www.msvmetal.eu, archived from the original on 2014-07-26
  4. ↑ "International Railway Systems (IRS) übernimmt Europageschäft von Trinity", www.eurailpress.de (in German), 1 Sep 2006
  5. ↑ International Railway Systems Appoints Juergen Von Schwerin Chief Executive Officer (press release), 20 Sep 2007
  6. ↑ International Railway Systems Acquires Three Factories in Nis, Serbia (press release), 12 May 2008
  7. ↑ "International Railway Systems buys Serbian companies", www.railwaygazette.com, 13 May 2008
  8. ↑ "Niš: Očajni i gladni!", www.naslovi.net, 28 Feb 2010
  9. ↑ Smiljkovicić, M. (21 Aug 2010), "Oporavak niške mašinske industrije", www.blic.rs
  10. ↑ "Vagoanele lui Burci fac 1,1% din exporturile tarii". www.zf.ro (in Romanian). 3 Sep 2009.
  11. ↑ "Freight wagon business moves east", www.railjournal.com, 4 July 2011
  12. ↑ Micu, Senica (21 Sep 2011), "A cumpărat Verestoy Attila IRS de la Cristian Burci?", www.capital.ro (in Romanian)
  13. 1 2 "Astra Rail Industries takes over 3 IRS companies", www.railwayinsider.eu, 10 July 2012
  14. ↑ "MSV Metal Studénka, a.s.", insolvencni-rejstrik.cz (in Czech)
  15. ↑ Alexander, Juraj; Stržínek, Jiří (27 November 2013), "Reorganisation Under Czech Law", www.corporatelivewire.com
  16. ↑ "Skupina JET Investment hodlá oživit výrobu v bývalé Vagonce Studénka", hn.ihned.cz (in Czech), 29 Jan 2013
  17. ↑ Urzică, Alexandru (1 Mar 2012), "Afacerile lui Burci se mişcă şi în insolvenţă: Servtrans a încheiat un contract de 43 mil. euro", www.capital.ro
  18. ↑ Micu, Senica (28 Jan 2013), "Servtransul lui Gruia Stoica salvat de la faliment. Planul de Reorganizare a fost aprobat", www.capital.ro (in Romanian)
  19. ↑ Un pachet de 29% din şantierul naval Severnav e la vânzare pe RASDAQ prin executare silită (in Romanian), Ziarului Financiar / www.zf.ro, 13 Apr 2014
  20. ↑ "New lease of life", www.railwaystrategies.co.uk, 1 Feb 2013
  21. ↑ "RBS and Astra Rail Industries announce the restructuring of International Railway", www.rbs.ro, 1 Nov 2012
  22. ↑ "Firmele arădene Apromat şi ICPV au fost preluate de Astra Rail Industries", www.vestic.ro (in Romanian), 13 Mar 2013, Peste 85% din lichiditatea de miercuri a fost susţinută de înregistrarea rezultatelor ofertelor de preluare de la firmele Apromat ARAD (1,2 milioane lei) şi ICPV Arad (1,3 milioane lei). Ofertele au fost derulate de firma Astra Rail Industries, deţinută indirect de cetăţeanul german Thomas Manns
  23. ↑ Templeton, Dan (13 Oct 2016), "Greenbrier Europe and Astra Rail to merge", www.railjournal.com

Notes

  1. ↑ MSV Metals Stdenka, before acquisition a European subsidiary of Thrall Car Manufacturing Company (USA).[3] A former Škoda Vagonka factory, see also Škoda Vagonka (czech).
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