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Author Topic: Hitachi to buy Thales's signalling business unit  (Read 417 times)
stuving
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« on: August 04, 2021, 02:51:56 pm »

As rumoured for some time, the bit of Thales that does signalling - called Ground Transportation Systems - is to be sold, and (subject to the usual stuff) Hitachi has agreed to buy it. This is Thales's news release:
Quote
Thales enters into agreement in view of selling its Ground Transportation Systems business to Hitachi Rail

  • Entry into exclusive negotiations with Hitachi Rail on the sale of “Ground Transportation Systems” business, for an enterprise value of € 1,660 million
  • Compelling valuation reflecting effective turnaround
  • Reinforcement of Thales's strategic focus on 3 long-term growth markets: Aerospace, Defense & Security, Digital Identity and Security, driving accelerated EBIT margin accretion and further deleveraging
  • Combined GTS and Hitachi Rail business to be positioned as a global leader in the rail signaling market
  • Employee representative bodies of both Thales and Hitachi Rail are being consulted on this project, which is also subject to usual closing conditions

Thales (Euronext Paris: HO (Model Railway, 3.5mm to 1 foot scale)) and Hitachi Rail announce today that they are entering into exclusive negotiations on the sale of Thales’s Ground Transportation Systems Global Business Unit (“Ground Transportation Systems” or “GTS”) for an enterprise value of € 1,660 million.

With around 9,000 employees at the end of 2020, Ground Transportation Systems is a global leader in Rail Signaling and Train Control Systems, Telecommunications and Supervision systems and Fare collection solutions, key technologies for a more sustainable mobility. Around 8 billion passengers benefit from GTS’s rail technologies every year.

Thanks to the engagement of GTS employees and, more globally, of Thales’s management team, the business achieved a remarkable turnaround over the past 5 years, delivering in 2020 and H1 2021 its best financial performance of the past 7 years, in spite of the Covid-19 crisis.

Thanks to the strong technical, geographical and commercial complementarities between Hitachi Rail and Ground Transportation Systems, the combination will create a leading rail signaling provider with a broader product offering and stronger capabilities to meet customer demand around the world. In addition, it will offer GTS’s employees enhanced professional opportunities. The combined strength of Hitachi and GTS’s digital expertise will also help Hitachi Rail to accelerate its Mobility as a Service (“MaaS) offering.

Through this transaction, Thales reinforces its strategic focus on 3 long-term high technology growth markets: Aerospace, Defense & Security, and Digital Identity & Security. Each of its businesses is an industry leading pure player focused on intelligent systems and digital solutions, able to sustainably deliver double-digit EBIT margins. This move enables the Group to now target an EBIT margin of 12% in the medium-term.

The transaction will also strengthen Thales’s balance sheet and provide substantial cash optionality.

So I guess we'll have to learn (eventually) to talk about Hitachi's axle counters and SelTrac.

I've not heard yet how this will affect the place I used to work, which (since I left) started to do some work in support of GTS. It's not part of GTS, but does "research and technology" [development] as part of UK (United Kingdom) group headquarters.
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