Transmashholding Explained

CJSC Transmashholding
Foundation:Russia, 2002
Locations:14 in Russia,
1 in Germany,
1 in Argentina
Area Served:Worldwide
Industry:Railway Transportation
Products:locomotives, railway vehicles
Services:repair operations and service maintenance
Net Income:β‚½28,1 billion[1]
Net Income Year:2024
Num Employees:more than 100,000

CJSC Transmashholding (ru|Π’Ρ€Π°Π½ΡΠΌΠ°ΡˆΡ…ΠΎΠ»Π΄ΠΈΠ½Π³) is the largest manufacturer of locomotives and rail equipment in Russia, and after merging with LocoTech service, the fourth largest engineering company in the field of transport technology globally.[2]

The company includes 14 engineering and production sites in Russia and one production and engineering site in Germany as well as investments in Argentina.[3]

History

CJSC Transmashholding was established in 2002. In 2012, Transmashholding took in 130 billion rubles in revenue. This revenue represents a 22 percent increase over 2011 revenues.[4]

In December 2015, RZD approved the sale of its 25%+1 share in the company (The Breakers Investments BV). Alstom's stake in the company was increased to 33% by the end of 2015.

In December 2017, the company paid USD 3 million for the concession and refurbishment of the Mechita workshops in Bragado. Argentina. The site is part of a planned USD 200 million investment by the company in the country to produce parts for the railway industry and rolling stock if it is successful in bidding in SOFSE's large tender offers.[5] [6] In 2021, the company's revenue amounted to 103 billion rubles.[7]

In February 2021, TMH was said to acquire Bergen Engines from Rolls-Royce, for approximately 150 million euros,[8] [9] [10] but the sale was stopped by the Norwegian government due to national security concerns.[11]

Transmashholding was put on a sanctions list by the Ukrainian government[12] and the US Department of the Treasury in September 2023.[13]

Ownership

In 2018 Transmashholding was 100% owned by Breakers Investments B.V, a holding registered under Dutch law.[14] Alstom owned 20% in this structure, while companies owned by Iskander Makhmudov, Andrei Bokarev, Dmitry Komissarov and Kirill Lipa, accounted for about 79,4%, Komissarov and Lipa being controlling shareholders by October 2021.[14] [15]

In January 2024, Alstom sold its shareholding to Russian investors. As of May 2024, Transmashholding is 100% owned by Russian shareholders.[16]

The President of the company was Andrei Bokarev until April 2022, when he stepped down after being sanctioned, the Chairman of the Board of Directors was Dmitry Komissarov until October 2023 when he ceased to be a member of the Board of Directors of Transmashholding, and the company's CEO is Kirill Lipa as of October 2021.[17] [18]

Activities

The company actively works with JSC Russian Railways, the Ministry of Transportation of the Russian Federation, and other Russian Federation ministries, including Ministry of Industry and Power, Ministry of Economic Development and Trade, and Ministry of Finance.

Russian Railways is the company’s biggest customer. The company manufactures and sells subway cars, passenger diesel locomotives, diesel engines, freight cars, flat cars, and diesel trains. Transmashholding has major customers in Bulgaria, Belarus, Egypt,[19] Kazakhstan, Serbia, and formerly Ukraine.

Products

Transmasholding manufactures diesel-locomotive shunters, main-line and electric industrial locomotives, passenger and freight cars, electric train cars, locomotive and marine diesels, car castings and other products. The company has provided railcars to Warsaw Metro and Baku Metro, among others.[20]

In October 2021 Transmashholding announced that a commercial launch of a new and sophisticated double-decker shuttle train is coming soon.[21]

Structure

Russia-based companies

The company structure includes several major industrial plants in Russia:[22]

Joint ventures

Bombardier

On 25 May 2007, in Sochi, Russia, Bombardier and Transmasholding signed an agreement to jointly establish an engineering center.[27]

In May 2008, Bombardier and TMH signed an agreement to form a joint company for the production of locomotives. The equal share companies were organised under the previously formed Bombardier Transportation Transmashholding AG, one as an engineering design centre: Transmashholding Bombardier Transportation (Engineering) Rus and another for the manufacturing of inverter drives (based on Bombardier's MITRAC technology) used in electric locomotives: Transmashholding Bombardier Transportation (Industrial) Rus.[28] [29]

Knorr-Bremse

In April 2007, Transmashholding and Knorr-Bremse agreed to create a Russian joint venture to manufacture, sell and service rail vehicle braking systems in Russia and the Commonwealth of Independent States.[30]

Alstom

In December 2007, Alstom and Transmasholding signed a cooperation agreement that would lead to the formation of joint ventures for the production of railway components in Russia.[31] In October 2008 the partnership was further extended by the formation of a 51:49 joint venture for the production of double decker coaches TMH-Alstom DV.[32] This intent was ratified on 31 March 2009, with Alstom providing ongoing technical expertise for the modernisation of TMH's production sites, and the development of new locomotive platforms; with TMH undertaking more than 75% of the manufacturing. At the same time Alstom took a 25% stake in TMH's capital holding company.[33] [34]

In April 2013, Alstom and Transmashholding inaugurated a joint production site intended to asynchronous traction motors for electric locomotives in Novocherkassk, that would later be used to equip the locomotives jointly developed and manufactured by Alstom and TMH for Russia and Kazakhstan. The inauguration ceremony was held in the presence of Russian Railways Senior Vice-President Valentin Gapanovich, TMH Managing Director Andrey Andreev, and Alstom Transport President, Henri Poupart-Lafarge.[35]

By late 2015 Alstom had increased its shareholding in Transmashholding by 8% from 25 to 33% for €54 million. In January 2024, Alston sold its shareholding to Russian investors.[36]

Siemens

Transconverter was formed as a joint venture with Siemens in April 2005 for the production of electrical equipment (high voltage static converters).

RVNL

In 2022, Transmashholding and Rail Vikas Nigam (RVNL) formed a consortium named Kinet Railway Systems, to participate in a tender by the Government of India to produce Vande Bharat sleeper cars for the Vande Bharat Express service. The consortium emerged the lowest bidder and was awarded the contract to supply 200 sleeper trainsets to the Indian Railways.[37]

Hungary-DJJ

TRANSMASHHOLDING acquired the Dunakeszi JΓ‘rmΕ± JavΓ­tΓ³ (Dunakeszi Vehicle Repair Plant) in 2020 June, from the Hungarian State with joint venture partner Magyar Vagon Zrt. Its first major contract after the change of ownership is the manufacturing of 680 passenger coaches for the Egyptian National Railways (ENR) in cooperation with TMH's Tver Carriage Works.[38] [39] The plant also won a four-year contract in 2020 with the Hungarian State Railways to maintain and modernise 403 coaches.[40]

TMH-Argentina

The company's subsidiary in Argentina is based in Vicente LΓ³pez, Buenos Aires and serves Argentina as well as other countries in South America. Its activities include the manufacture of several components, including diesel engines, as well as the repair and modernisation of railway infrastructure and rolling stock.[41] It is a joint venture with Trenes Argentinos Infraestructura.[42]

In May 2018, the company took hold of the Mechita workshops in Bragado following a US$3 million investment for the refurbishment of the site. The company was also awarded a contract to refurbish the San Martin Line's carriages and CSR SDD7 locomotives at Mechita and announced plans to invest $70 million over the next 5 years and potentially $170 million over the next 10 in order to produce and repair rolling stock at the plant in exchange for a 30-year concession.[43]

Former subsidiaries

External links

Notes and References

  1. https://rollingstockworld.ru/ekonomika/transmashholding-tmh-opublikoval-oficzialnye-finansovye-rezultaty-za-2024-god/ ВМΠ₯ ΠΎΠΏΡƒΠ±Π»ΠΈΠΊΠΎΠ²Π°Π» ΠΎΡ„ΠΈΡ†ΠΈΠ°Π»ΡŒΠ½Ρ‹Π΅ финансовыС Ρ€Π΅Π·ΡƒΠ»ΡŒΡ‚Π°Ρ‚Ρ‹ Π·Π° 2024 Π³ΠΎΠ΄
  2. Web site: News. www.tmholding.ru. 2018-09-24.
  3. http://eng.tmholding.ru/work/about/history About the Company
  4. TMH BOOSTS SALES 22% IN 2012", Ukraine Business Daily, 5 March 2013, accessed 13 March 2013 via Nexis
  5. News: Transmashholding se instalarΓ‘ en los talleres de Mechita. 21 December 2017. enelSubte.com. 21 December 2017. es-ES.
  6. News: El mayor fabricante de trenes ruso desembarca en la Argentina. 21 December 2017. enelSubte.com. 12 October 2017. es-ES.
  7. Web site: АО "Π’Ρ€Π°Π½ΡΠΌΠ°ΡˆΡ…ΠΎΠ»Π΄ΠΈΠ½Π³" . 2023-12-26 . www.rusprofile.ru . ru.
  8. Web site: 2021-02-05. Rolls-Royce signs agreement to sell Bergen Engines. 2021-02-06. East Midlands Business Link. en-GB.
  9. Web site: 2021-02-04. Rolls-Royce Sells Bergen Engine Medium Speed Business for $180m. 2021-02-06. MarineLink. en.
  10. Web site: Rolls-Royce signs agreement to sell Bergen Engines to TMH group. 2021-02-06. www.rolls-royce.com. en.
  11. Web site: beredskapsdepartementet. Justis-og. 2021-03-23. Justis- og beredskapsministerens redegjΓΈrelse til Stortinget om Bergen Engines-saken. 2021-03-23. Regjeringen.no. no.
  12. Web site: Ukraine Expands Sanctions against Russia . 5 December 2017 . 19 August 2018 . https://web.archive.org/web/20180819051152/https://globalcompliancenews.com/ukraine-expands-sanctions-russia-20161020/ . dead .
  13. Web site: Russia-related Designations, Designations Updates, and Designations Removals; Issuance of Russia-related General Licenses . 14 September 2023.
  14. News: Ѐранцузская Alstom снизила долю Π² "Π’Ρ€Π°Π½ΡΠΌΠ°ΡˆΡ…ΠΎΠ»Π΄ΠΈΠ½Π³Π΅" Π½ΠΈΠΆΠ΅ Π±Π»ΠΎΠΊΠΈΡ€ΡƒΡŽΡ‰Π΅ΠΉ . 8 October 2018 . Vedomosti . 2 August 2018.
  15. Web site: Π’Ρ€Π°Π½ΡΠΌΠ°ΡˆΡ…ΠΎΠ»ΠΆΠΈΠ½Π³ скоро выпустит Π΄Π²ΡƒΡ…ΡΡ‚Π°ΠΆΠ½ΡƒΡŽ элСктричку. ru. 2021-10-07. Π˜Π½Ρ‚Π΅Ρ€Ρ„Π°ΠΊΡ.
  16. Web site: France's Alstom sells stake in Transmashholding for 75 mln euros . 2024-05-08 . 2024-10-24 . . en.
  17. Web site: TMH Management. 2021-10-07. TMH official site.
  18. Web site: АндрСй Π‘ΠΎΠΊΠ°Ρ€Π΅Π² ΠΏΠΎΠΊΠΈΠ΄Π°Π΅Ρ‚ пост ΠΏΡ€Π΅Π·ΠΈΠ΄Π΅Π½Ρ‚Π° АО Β«Π’Ρ€Π°Π½ΡΠΌΠ°ΡˆΡ…ΠΎΠ»Π΄ΠΈΠ½Π³Β» ΠΈ Π²Ρ‹Ρ…ΠΎΠ΄ΠΈΡ‚ ΠΈΠ· совСта Π΄ΠΈΡ€Π΅ΠΊΡ‚ΠΎΡ€ΠΎΠ² ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ . 2022-04-22 . 2024-10-24 . . en.
  19. https://www.youm7.com/story/2018/10/10/%D8%B5%D9%88%D8%B1-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A7%D9%84%D8%B3%D8%A7%D8%A8%D8%B9-%D8%AF%D8%A7%D8%AE%D9%84-%D8%A7%D9%84%D9%85%D8%B5%D9%86%D8%B9-%D8%A7%D9%84%D8%B1%D9%88%D8%B3%D9%89-%D8%A7%D9%84%D9%85%D9%88%D8%B1%D8%AF-%D9%84%D8%A3%D9%83%D8%A8%D8%B1-%D8%B5%D9%81%D9%82%D8%A9-%D8%B9%D8%B1%D8%A8%D8%A7%D8%AA/3984300 Youm7 Press Release
  20. http://eng.tmholding.ru/work/press/realises Transmashholding company press releases
  21. Web site: Π’Ρ€Π°Π½ΡΠΌΠ°ΡˆΡ…ΠΎΠ»Π΄ΠΈΠ½Π³ скоро выпустит Π΄Π²ΡƒΡ…ΡΡ‚Π°ΠΆΠ½ΡƒΡŽ элСктричку. ru. 2021-10-07. Π˜Π½Ρ‚Π΅Ρ€Ρ„Π°ΠΊΡ.
  22. http://eng.tmholding.ru/work/factories Transmashholding : Enterprises
  23. http://www.tmholding.ru/main/factories/6373 ΠŸΡ€ΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡ‚Π²Π΅Π½Π½Π°Ρ Ρ„ΠΈΡ€ΠΌΠ° КМВ
  24. https://web.archive.org/web/20070319102557/http://eng.tmholding.ru/work/factories/2304 KMT Industrial group
  25. Web site: http://eng.tmholding.ru/main/factories/9624. ru:ВсСроссийский Π½Π°ΡƒΡ‡Π½ΠΎ-ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Ρ‚Π΅Π»ΡŒΡΠΊΠΈΠΉ ΠΈ ΠΏΡ€ΠΎΠ΅ΠΊΡ‚Π½ΠΎ-конструкторский институт элСктровозостроСния. Russian. Transmashholding. eng.tmholding.ru.
  26. Web site: Transmashholding Buys Majority Shareholding in VELNII. 17 February 2009. rtdr.org.
  27. http://www.hhlaw.com/newsstand/detail.aspx?news=787 Hogan & Hartson Advises Transmashholding on Joint Venture Project With Bombardier, June 5, 2007
  28. https://archive.today/20120910023814/http://www.reuters.com/article/pressRelease/idUS124304+21-May-2008+MW20080521 Bombardier Transportation and Transmashholding Establish Engineering Joint Venture to Develop New Generation
  29. http://www.marketwire.com/press-release/Bombardier-Transportation-TSX-BBD.A-859250.html Bombardier Transportation and Transmashholding Establish Engineering Joint Venture to Develop New Generation Locomotives
  30. http://www.railwaygazette.com/news/single-view/view//knorr-bremse-breaks-into-russia.html Knorr-Bremse breaks into Russia
  31. https://web.archive.org/web/20211008064258/https://www.alstom.com/press-releases-news/2007/12/alstom-and-transmashholding-agree-to-form-joint-ventures-in-russia Alstom and Transmashholding agree to form joint ventures in Russia
  32. http://www.alstom.com/pr_corp_v2/2008/corp/52755.EN.php?languageId=EN&dir=/pr_corp_v2/2008/corp/&idRubriqueCourante=23132 Alstom Transport and Russian rolling stock manufacturer Transmashholding agree on strategic partnership
  33. https://web.archive.org/web/20211008075722/https://www.alstom.com/press-releases-news/2010/3/Alstom-acquires-25-of-the-capital-of-Transmashholding-20100302 Alstom acquires 25% of the capital of Transmasholding
  34. Alstom acquires 25% stake in Transmashholding International Railway Journal April 2010 page 17
  35. Web site: Alstom and partner Transmashholding open new production facility in Russia . 25 April 2013 . Alstom . 20 June 2013.
  36. Russian business sold Modern Railways issue 910 July 2024 pages 82/83
  37. Web site: RVNL consortium emerges as lowest bidder to manufacture 200 Vande Bharat trains . 2 March 2023 .
  38. Web site: Transmashholding finalises takeover of Dunakeszi Vehicle Repair. 10 June 2020.
  39. Web site: TMH embarks on European expansion.
  40. Web site: MÁV-Start awards coach maintenance contract. 3 August 2020.
  41. Web site: TMH-ARGENTINA. tmholding.ru. 21 December 2017.
  42. News: Grupo ruso invertirΓ‘ u$s 200 millones para la construcciΓ³n de vagones y locomotoras en el paΓ­s. El Cronista. es-LA.
  43. News: Krom. Andres. Un gigante ferroviario ruso iniciΓ³ sus operaciones en el paΓ­s. 12 May 2018. La Nacion. 11 May 2018. es.

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