French railroad workers bought a "daughter" of the bankrupt British Steel
The French engineering and consulting group Systra has acquired the British diversified engineering firm TSP Projects, whose assets are concentrated primarily in the rail sector.
Financial terms of the deal were not disclosed.
Founded in 1987, TSP Projects is a subsidiary of bankrupt British Steel, which was “forced into liquidation” in May.
Systra's acquisition of TSP Projects is expected to save over 400 jobs.
The deal is part of the French firm's strategy to position the UK as a major player in the local public transport, mobile and sophisticated infrastructure markets.
Systra CEO Pascal Mercier said:
“This acquisition is a game changer for our UK and Ireland business, placing us among the UK's leading engineering consulting firms.”
Craig Scott, CEO of TSP Projects, commented on the deal:
“Systra is a like-minded organization that shares our values and commitment to technical excellence, safety and innovation.
In June, Systra was awarded a contract to design the rail systems, workshops and rolling stock for the 7th line of the Santiago Metro in Chile. The contract was signed with Metro SA.
In addition, Systra, in a joint venture with Talgo, was awarded a $ 138.9 million contract for a railcar overhaul in the United States last month.
The contract, signed by the Southern California Regional Railroad Administration (SCRRA), is aimed at refurbishing 121 passenger cars.
Systra is an international mobility engineering and consulting group that includes, but is not limited to rail and public transport. It employed about 6,700 people in 2018 and is a limited liability company owned by RATP, SNCF and banks.