US group Greenbrier has bought a stake of 75% in the Arad-based freight wagon factories Astra Rail Management from German investor Thomas Manns with EUR 60 million.

In 2012, Manns took over the freight wagon factories from Romanian investor Cristian Burci for EUR 30 million.

The companies Astra Vagoane Arad, Meva SA, and Romvag Caracal went into insolvency in 2010. They were part of the International Railway Systems group, controlled by Cristian Burci.

Officially, the companies were taken over by a Dutch-German joint venture in 2012. However, the German investor Thomas Manns was behind the association. Afterwards he managed the factories via the company Astra Rail Management.

Greenbrier Companies and Astra Rail Management Gmbh will now form a new company called Greenbrier-Astra Rail. Greenbrier Companies will control 75% of the new group while Thomas Manns will hold the remaining 25%. He will get EUR 30 million cash after the contract is signed and another EUR 30 million over one year.

Astra Rail Industries had a turnover of EUR 137 million and a net profit of EUR 12.8 million in 2015. The group has 2,400 employees.

editor@romania-insider.com

(photo source: Astra-passengers.ro)