HUNGARY: Romanian rail freight, rolling stock maintenance and industrial group Grampet has completed the purchase of MÁV Debreceni Jármujavító, a subsidiary of Hungarian State Railways which operates the Debrecen wagon works.
MÁV has made a number of attempts to sell the business since January 2007, eventually negotiating a deal with Grampet which was signed on May 28. The purchase price was paid on June 12. The parties have agreed not to disclose the value, as MÁV is divesting a number of similar subsidiaries and does not want to influence future sales.
Grampet has been granted an eight-year lease on the works site, extendable for three years. It will repay HF500m of loans the state railway had made to MÁV Debreceni Jármujavító, and has committed to investing €1·5m in the plant over three years, as well as retaining current employment levels and staff contracts for two years.
