DB Schenker Rail acquires majority stake in Italian NordCargo
Takeover of a further 11 percent in NordCargo creates second-largest rail
freight operator in Italy
(Milan/Mainz, January 13, 2010) DB Schenker Rail has increased its stake
in the Italian rail freight operator NordCargo s.r.l. by a further 11
percent. The DB Schenker subsidiary had already acquired a 49 percent
stake in NordCargo back in January 2009. It now owns 60 percent of the
shares and consequently the majority stake in the company, which is
domiciled in Milan.
Italy is one of the most important foreign markets for DB Schenker Rail,
with transports to and from Italy accounting for roughly one quarter of
the company's total international revenues in 2008. DB Schenker Rail has
already successfully collaborated with NordCargo in the Italian market for
many years.
NordCargo, with registered office in Milan, was hived off from the parent
company Ferrovie Nord Milano (FNM) at the end of 2003. In 2008, its
workforce of approx. 200 generated revenues of roughly EUR 40 million from
international and domestic transports. The company is licensed to operate
on the Italian rail network, runs 7000 trains / 1.4 million train
kilometers per annum, and is responsible for providing traction on
international routes along the Adriatic and Tyrrhenian coasts between
Milan and Naples. NordCargo has been active in the freight transport
market since September 2001.
The present business of DB Schenker Rail Italia, with registered office in
Alessandria, will be transferred to NordCargo and the activities of both
companies merged under the umbrella of NordCargo. This integration of the
business activities of DB Schenker Rail Italia and NordCargo will lead to
a new business enterprise with approx. 300 employees. "The amalgamation of
these two companies will enable us to improve our product portfolio in
Italy and along the north-southbound corridors, thus laying the basis for
attracting more transport onto rail in both the international and the
Italian domestic markets," explained Dr. Alexander Hedderich, Chairman of
DB Schenker Rail.
Norberto Achille, Chairman of FNM, added: "In 2001, we were the first
company to successfully tackle the challenge of entering the liberalized
rail freight market. Together with the leading European rail freight
company, we now play an even more important role in that market. In terms
of transport volumes and revenues, we are the second-largest Italian rail
freight operator.
The present DB Schenker Rail Italia was purchased by DB Schenker Rail
Deutschland in 2004. It was the successor of "Strade Ferrate del
Mediterraneo" (SFM) which had been founded in 2001. In financial year
2008, the company - whose activities are concentrated in the north-west of
Italy - had a workforce of approx. 100 and generated revenues of approx.
EUR 17 million.
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