Czech engineering company Škoda Transportation Group has acquired the remaining 25% stake of Finnish rolling stock manufacturer Transtech for an undisclosed fee.

The agreement was signed with the original owner, the Sinituote Oy company, following which Škoda Transportation became the sole owner of Transtech.

The deal was closed during Czech Republic Prime Minister Andrej Babiš’s state visit to Finland.

Škoda Transportation chairman and CEO Petr Brzezina said: “The long-term intention of the Škoda Group is to consolidate its position in the markets of Western Europe.

“This is also the intention of the new owner, the international investment group PPF, under whose leadership we have succeeded in finalising the acquisition of the Finnish company Transtech.”

“In less than three years, we have managed to successfully restructure and stabilise Transtech. We have received new orders and currently delivering trams from Transtech to Helsinki or Tampere.”

In August 2015, Škoda acquired a majority stake in the company.

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By GlobalData

Transtech chairman and Škoda Transportation Group vice-president Zdeněk Majer said: “In less than three years, we have managed to successfully restructure and stabilise Transtech. We have received new orders and currently delivering trams from Transtech to Helsinki or Tampere.

“We also supply new cars for Finnish Railways. During this period, we have also increased the number of employees from 500 to 750.”

He added that Transtech has become a key unit of Škoda Transportation group, providing additional opportunities to the company especially from the western regions.

Established in 1985, Transtech focuses on manufacturing low-floor trams, electrical units, as well as wagons.

It is currently engaged in delivering trams to the Finnish capital, the city of Tampere and rail cars to Finnish Railways.