Alstom to exit Russia's TMH by year-end -Ifax cites TMH boss
Reuters
Published Nov 17, 2023 02:57AM ET
Updated Nov 17, 2023 05:31AM ET
MOSCOW (Reuters) -France's Alstom (EPA:ALSO) is set to sell its 20% stake in Transmashholding (TMH) back to the Russian railcar manufacturer by the end of the year, the Interfax news agency cited TMH head Kirill Lipa as saying on Friday.
The French train maker said in March 2022 it would suspend all deliveries and future business investments in Russia, one of scores of Western companies to shun Russia in response to its invasion of Ukraine.
Two months later, Alstom said it had taken an impairment charge on the TMH stake of 441 million euros ($478 million).
"By the end of the year," Lipa said, responding to a question about the deal's timeline. "We are not disclosing this information."
Alstom on Friday declined to comment on the matter.
The train manufacturer owned a 20% stake in TMH as a capital investment. Last year it said there was no material business nor operational link between it and TMH.
TMH is Russia's only manufacturer of passenger railcars. It also produces locomotives and rail equipment primarily for the domestic market.
($1 = 0.9233 euros)
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Written By: Reuters
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