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Author Topic: Knorr-Bremse aquires Railcare  (Read 8987 times)
Lee
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« on: August 27, 2013, 07:51:18 pm »

Knorr-Bremse has bought Railcare out of administration, and has formed a new company to incorporate its operations - http://www.railjournal.com/index.php/financial/knorr-bremse-acquires-britains-railcare.html?channel=542
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bignosemac
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« Reply #1 on: August 27, 2013, 10:20:51 pm »

Good news. Although weren't KB negotiating a buyout of Railcare before it went to the wall? That deal fell through and Railcare folded.

What's the betting that, after that, KB got a much better price?

Some cut-throat business perhaps. Hopefully there won't be too many job losses at Wolverton and Springburn.
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stuving
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« Reply #2 on: August 27, 2013, 11:00:10 pm »

Isn't that a bit harsh? Railcare will have had negative book value when it went into administration, and presumably KB realised that. Would you buy a company worth less than nothing? How much for? No-one is going to pay you to take it on. The available option that comes closest to that is to let it go bust, so the trade creditors pay the past debts. You can still expect to pay substantial initial losses anyway.
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bignosemac
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« Reply #3 on: August 27, 2013, 11:06:55 pm »

Yes, on reflection, I was perhaps being a little harsh.

However, some research online did show that KB pulled out of a deal, and some commentators pointed to this as being instrumental in Railcare entering administration.

You are right though, due dilligence may well have flagged up issues.
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stuving
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« Reply #4 on: August 27, 2013, 11:19:07 pm »

However, some research online did show that KB pulled out of a deal, and some commentators pointed to this as being instrumental in Railcare entering administration.

That's pretty much what I meant - is that any different from saying:
"Railcare was either insolvent or heading that way, so other companies were becoming unwilling to do business with it for fear of losing money. Only the prospect of a takeover prevented it from entering administration earlier." ?
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« Reply #5 on: August 28, 2013, 07:04:31 am »

I would think taking a concern out of receivership, whilst worrying for the employees, hopefully will make the company more sustainable any debtors had to deal with the receivers in the take over process therefore some may have been written off or revalued.
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grahame
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« Reply #6 on: August 29, 2013, 10:54:00 am »

Further report from http://www.freight-online.co.uk/news_and_events/content/12422/knorr-bremse_acquires_railcare_business?

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Knorr-Bremse Rail Systems (UK) Limited has acquired the rail vehicle component and overhaul business of Railcare.

The acquisition sees the UK Company of the global Knorr-Bremse Group taking over the Railcare operational sites at both Springburn in Glasgow and at Wolverton near Milton Keynes.

Following the acquisition Knorr-Bremse has formed a new company called Knorr-Bremse RailServices (UK) Limited. This company now joins the three other established Knorr-Bremse Rail Group operations in the UK. Located at Melksham in Wiltshire is the UK engineering and manufacturing headquarters, at nearby Corsham is a satellite precision machining operation and at Burton-upon-Trent in Staffordshire, Knorr-Bremse operates a specialist HVAC facility.

Knorr-Bremse RailServices (UK) Limited will be fully supported by Knorr-Bremse UK but will operate as a specialist company with its own identity. The company will continue to offer customers its previous portfolio of services and remain fully focused on train maintenance and repair.

Paul Goodhand, Managing Director of Knorr-Bremse in the UK, commenting on the acquisition of Railcare said, ^We are delighted to welcome Railcare into the Knorr-Bremse family of companies based here in the UK.

"My team and I in the UK and the Executive Board of Knorr-Bremse are committed to the future success of Knorr-Bremse RailServices (UK) Limited. We see Knorr-Bremse RailServices operations developing and expanding in the future in what we view as a dynamic area of rail operations with much potential.

"Railcare currently has many skilled and experienced individuals working at both its sites, in vehicle overhaul and repair but also in specialist incident repair and logistics. We believe that with the support of Knorr-Bremse, both in terms of solid financial investment and in process and management experience and support, we will, together with the existing team, be able to create a strong, new company.

"Our vision for Knorr-Bremse RailServices (UK) Limited is to create a company which supports customers in keeping their trains running through offering them an outstanding range of quality train maintenance and repair specialist services going forward.^
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didcotdean
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« Reply #7 on: September 02, 2013, 03:11:55 pm »

Some other reports have indicated that as part of the deal Knorr-Bremse paid the missing July salaries.
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grahame
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« Reply #8 on: August 06, 2018, 03:32:21 pm »

Five years ago, the previous posts in this thread reported that Knorr Bremse had purchased Railcare, with operations in Wolverton and Springburn.   

From The Railway Gazette, they are now selling them on:

Quote
Knorr-Bremse to sell UK rail services businesses

UK: Knorr-Bremse has signed an agreement to sell its Knorr-Bremse RailServices (UK) Ltd rolling stock maintenance and overhaul businesses and consultancy and project management company Kiepe Electric Ltd (UK) to Mutares. The transaction is expected to close by autumn 2018.

The sale announced on August 6 will be the first UK transaction for München-based holding company Mutares, which specialises in acquiring divisions that are no longer part of the core business of a larger corporation but which it believes have an established business model and potential for development.

The deal includes the Knorr-Bremse RailServices workshops in Wolverton and Springburn which have around 600 staff, as well as the Kiepe Electric facilities in Birmingham with around 100 employees.

Knorr-Bremse will retain the Knorr-Bremse Rail Systems components and aftermarket business.

The businesses being sold will be renamed, and commercial collaboration agreements would make them the preferred integration and installation partners for Knorr-Bremse, offering continuity for customers and ‘a seamless transition period for employees and suppliers’, the companies said.

‘We are continuing our ongoing efforts to realign our strategic focus on core competencies as a key supplier for the railway industry, offering subsystems, components and all related services’, said Klaus Deller, Chairman of the executive board of Knorr-Bremse AG. ‘We are very pleased to have come to an agreement with Mutares, an agreement that will create significant added value for the divested businesses.’

RailServices and Kiepe Electric Ltd ‘hold a unique market position in the UK, providing excellent expert services and know-how for the railway industry’, said Mutares CEO Robin Laik. ‘Both companies have strong growth potential and are an ideal match for our ongoing operations.’

Knorr Bremse remain a major employer (here) in Melksham, and may (I'm not sure of the implications of the above) also be retaining elements at the Glasgow and Milton Keynes sites.
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grahame
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« Reply #9 on: August 19, 2018, 01:13:48 pm »

Knorr Bremse remain a major employer (here) in Melksham, and may (I'm not sure of the implications of the above) also be retaining elements at the Glasgow and Milton Keynes sites.

Better information suggests that Knorr Bremse remain in Melksham, Corsham and Burton-on-Trent, with no interests remaining at either Springburn or Wolverton.
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