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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.