Invensys Sells Westinghouse Brakes to Knorr-Bremse
25 April 2000
Invensys plc announces today the sales of its Westinghouse Brakes businesses to Knorr-Bremse for an aggregate cash consideration of £65 million.
For the six months ended 30 September 1999, Westinghouse Brakes had sales of £27 million and profit before interest and taxation of £4 million. Net operating assets, which are the subject of the transaction, are approximately £20 million, before goodwill previously written off amounting to £11 million.
Its operating results and assets were reported as part of ongoing operations in the 1998/99 fiscal year and in the 1999/2000 interim results.
Allen Yurko, Chief Executive of Invensys plc, said: "We are committed to building our Rail Systems business, and more specifically will focus on signalling and control systems where Invensys is a leading supplier. We believe growth prospects are good in these areas and we will continue to identify strategic acquisitions.
Westinghouse Brakes is not considered to be core to our rail automation strategy. However, its businesses in the UK and Australia complement Knorr-Bremse's international operations. We believe that Westinghouse Brakes will flourish with its new owner."
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