Spain’s leading urban solution provider takes over the operations of the polish electric bus maker.
Spain-based CAF acquires 100% of the shares of Poland-based Solaris Bus and Coach company. With this, Solaris becomes a part of a 100 year old group that is listed on the Spanish stock exchange. Additionally, CAF has entered into an agreement with the Polish PFR investment fund – Polski Fundusz Rozwoju – for the acquisition by the latter of a minority stake of 35 percent in Solaris.
CAF (Construcciones y Auxiliar de Ferrocarriles) is engaged in the design, production, maintenance and supply of rolling stock and rail vehicles. It is also involved in the development of latest solutions for urban transport, including e-mobility. The y currently operate in Europe, USA, South America, Asia (India and Japan) and in North African countries.
Andres Arizkorreta, president and chief executive officer of CAF Group said, “Together with Solaris, we will create a leader in urban mobility solutions beyond rolling stock, particularly in the e-mobility segment. The combination of both companies’ know-how in production, design, technology and services, together with the track record of Solaris in bus product innovation will allow us to better serve our clients while creating shareholder value.”
He further added, “We want to ensure all stakeholders of CAF and Solaris companies, in particular our customers and suppliers, that we continue all business processes and cooperation in an unchanged form and that we will fulfill all our obligations resulting from the binding agreements.”
Solange Olszewska, founder of Solaris Bus and Coach said, "It was not an easy decision for me and my family. Over 20 years ago, my husband and I founded our company that today employs nearly 2,500 people and that is active on more than 30 markets. I know that I am leaving the company in good hands. The CAF Group will continue the best practice in the Solaris brand and will let it grow even more”.
This agreement is expected to materialise in the next weeks, once the administrative procedures are finished and the authorisation of the corresponding regulatory entities is obtained.
Also read: Solaris sells 50 trolley buses in Romania for Rs 217 crore
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