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HAMBURG: October 05, 2018. VTG Aktiengesellschaft an European railcar leasing and rail logistics company, is acquiring CIT Rail Holdings (Europe) SAS and the associated Nacco Group.

VTG Group tank carsIn July last year VTG announced plans to acquire the Paris-based company subject to anti-trust approval that was obtained in March 2018 conditional upon the sale of some assets to a consortium of railcar leasing firm Wascosa and Aves One (Hamburg).

"The Nacco takeover will strengthen our market position in Europe for a long time to come," said VTG chairman Heiko Fischer. "That's why we are pleased to finally be able to close out the transaction – despite the reduced scope – and to reinforce our position as a potent, forward-looking partner for rail transportation."

The remaining Nacco fleet comprises 11,000 freight cars operating in the UK, Scandinavia, Netherlands, Belgium, Austria, France, Italy and Eastern Europe. VTG expects the acquisition to add €85 million in revenue and pre-tax earnings of €70 million before transaction and integration costs.

VTG Aktiengesellschaft operates more than 94,000 tank, intermodal, standard freight and sliding wall cars. In 2017 the company generated revenue of €1.014 billion and an operating profit of €343 million.

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