Resonator sets up JV with Skoda to take over assets of Transelektro unit
Resonator Kft has set up a 50%-50% joint venture with Czech engineering company Skoda to take over the activities and orders of Ganz Transelektro Közlekedési Rt (GTK), a unit of troubled holding company Transelektro which is currently under liquidation, Resonator CEO András Szabó announced on Monday.
The JV, called Ganz-Skoda, is being registered with the Company Court, Szabó said. The company has registered capital of Ft 1 billion. Resonator is in talks with GTK's bailiff on buying or renting the company's factory in Baja, south Hungary and in Budapest, Szabó said. Ganz-Skoda aims to take over GTK's orders, notably ones for 100 trolley buses for the city of Riga and another for 44 underground trains for the city of Budapest. The latter tender is worth a total €264 million, of which GTK's share accounts for 10%. Szabó said he expected Ganz-Skoda to close next year with revenue of Ft 2 billion-Ft 3 billion, well under GTK's original target of Ft 5 billion for the year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.