Train manufacturer: big guarantee for Bombardier

The rail vehicle manufacturer Bombardier Transportation can count on state guarantees on EUR 750 million. For half the money to the F. A. stands for information

Train manufacturer: big guarantee for Bombardier

The rail vehicle manufacturer Bombardier Transportation can count on state guarantees on EUR 750 million. For half the money to the F. A. stands for information, for example, the Federal government, for the other half of those Federal States in which the company's locations are. The guarantees associated with customer prepayments to be hedged via a guarantee facility.

Kerstin Schwenn

business correspondent in Berlin.

F. A. Z.

Susanne Preuß

business correspondent in Stuttgart, Germany.

F. A. Z. Twitter

This is offered by a consortium consisting of Commerzbank, Deutsche Bank and KfW provided, however, that there are guarantees from the public sector. The German Bombardier company is part of a group-wide Cash Pooling system, and could also, theoretically, to international lines of credit; however, there appears to be no reserves. Instead, Bombardier is trying because of the high demand for international credit lines of more than 2.7 billion euros to hedge. The Federal Ministry of Economics and Ministry of Finance wanted to confirm the information, nor deny.

customer prepayments to be hedged, it is understandable. Bombardier Transportation has a relevant reputation: Always there is Trouble with the German railway or other railway operators, because trains will be delivered with delay or defects. Despite the full order books of the manufacturers reported always back losses, the forced in continuous dispute with the workforce and trade unions incisions at the sites. For 2019 is likely to be covered in the case of Bombardier Transportation Germany, with a turnover of 2 billion Euro loss in the three-digit million amount.

approval of the Acquisition is pending

On Wednesday came from the German Bombardier chief, Michael Fohrer – since 2016 on this Post and, most recently, President of the Association of German railway industry – the message that he had left the company on the same day, at his own request. As acting successor, Marco Michel, puts on the Post, previously head of the plant in Hennigsdorf. According to renovation plans for 2015 and 2018 Fohrer had submitted weeks before his departure, once again, an austerity program. Personnel costs are expected to fall to a three-digit million amount – without deep cuts in temporary workers, the wages and the working time is to create barely.

Currently wants to take over the French Alstom-group Zugsparte of Bombardier. The approval of the EU Commission is still pending, was initially expected for mid-July. The competition authority has now extended to concessions of Alstom, the review period until the end of July. A similar push for a merger of Alstom with the Zugsparte Siemens had failed a year ago because of a Veto by the EU Commission.

in order To overcome concerns, had to Alstom and Bombardier, a few days ago, a job reduction at the location in Berlin-Hennigsdorf, announced. Talks between employers and employees, it is not, but so far, it is, in the IG metal.

Updated Date: 16 July 2020, 11:20

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