Sale of Polish manufacturer Solaris has completed, and it’s now part of CAF Group
CAF has acquired 100% of the shares of Solaris Bus & Coach and the company will be included in CAF Group.
The transaction aims to ensure the leadership of the CAF Group and Solaris in the supply of innovative solutions in urban public transport in Europe, and will strengthen the position of both brands in international markets.
The CAF (Construcciones y Auxiliar de Ferrocarriles) company is a Spanish producer with more than 100 years of history, and is listed on the Spanish stock exchange.
The company is engaged in the design, production, maintenance and supply of rolling stock and rail vehicles.
Another area of the company’s activity involves the latest solutions for urban transport, including e-mobility.
“CAF’s investment in Solaris confirms our commitment to the vision of profitable growth and opens new strategic markets to CAF,” said Andrés Arizkorreta, President and Chief Executive Officer of CAF Group.
“Together with Solaris, we will create a leader in urban mobility solutions beyond rolling stock, particularly in the e-mobility segment. We want to continue using and to develop Solaris’ valuable brand and to keep its Polish character.
“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.”
Solange Olszewska, founder of Solaris Bus & Coach S.A., 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 in 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.
“We want to reassure 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,” added Andrés.
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 in Solaris (35%) in the same terms and conditions agreed by CAF in the acquisition of Solaris.
This agreement will be concluded in the coming weeks, once the administrative procedures are finished and the authorisation of the corresponding regulatory entities is obtained.
Through the participation of a solid financial partner like PFR as a minority shareholder, CAF maintains the Polish identity of Solaris and strengthens its position to accomplish the ambitious growth plan of the company.