26 July 2019 y.

TMH International and Magyar Vagon launch their Railway Sector cooperation in Hungary

Budapest, 26 July 2019 – Switzerland-based TMH International AG and Magyar Vagon Zrt, a Hungarian investment company, are pleased to announce their cooperation in the railway industry sector in Hungary. 

The two parties have established two Hungarian Joint Ventures with equal stakes: TMH Hungary Invest LLC and Transmashholding Hungary Ltd. (referred to as TMH Hungary).  

As recently announced by the Hungarian government, TMH Hungary Invest confirms it has been selected to enter into exclusive negotiations for the acquisition of Dunakeszi Járműjavító Ltd. (DJJ) and its related premises, for the production of railway equipment. TMH Hungary Invest intends to implement a long-term upgrade programme to the site of DJJ after the completion of the acquisition, building on the existing operation. DJJ has over 100 years of activity in the railway industry. It currently employs approximately 500 people on rolling stock renovation projects, mainly for the national Hungarian railway operator MAV. 

TMH Hungary has been established to serve both the Hungarian and international railway markets, ultimately creating an international rolling stock production and renovation centre in Hungary on the basis of DJJ. 

As the first step of this site upgrade programme, TMH Hungary will be involved in the production and supply of railway passenger coaches for the Egyptian National Railways (ENR), on the DJJ site. This follows the significant 2018 contract award by ENR to TMH for the supply of 1,300 passenger coaches, the first batches of which will be manufactured in TVZ – a TMH plant – in Russia.  

TMH International is a member of TMH Group – worldwide leader in rail services and rolling stock manufacturing. Magyar Vagon is comprised of private Hungarian and international financial and strategic investors focused on Central and Eastern European projects. 

About TMH International 

TMH International is an industrial investor, supporting the revitalization of the rail industry in the countries where it is present. TMH International acts as an open-sourced technology partner, providing rail services and rolling stock relying on the local supply chain. Headquartered in Zug (Switzerland), TMH International employs around 300 people and is active in Argentina, Cuba, Egypt, Kazakhstan, South Africa and Central Europe. TMH International is member of the Transmashholding (TMH) Group, the largest rail services and rolling stock manufacturer in Russia and CIS. TMH is a 100% private company. It counts over 100,000 employees and recorded €4.5Bn sales in 2018. 

About Transmashholding (TMH)  

JSC “Transmashholding” (TMH) is the largest railroad and urban transport manufacturer in Russia. The company is among the largest rolling stock manufacturers in the world. Transmashholding is a core of a group that creates modern integrated transportation products that include development and manufacturing of rolling stock, its maintenance and repairs, digital technologies for production and operation, and traffic control systems.

TMH strives for a safe and comfortable environment for passengers, efficiency and profitability for the freight transportation. Its strategy of international presence is based on its Russian experience and technologies, which are used to improve national transportation industry in other countries.