Wascosa acquires about 4,400 freight wagons from NACCO/CIT

Transaction opens the freight wagon leasing company additional opportunities for growth in both existing and new market segments

Wascosa acquires about 4,400 freight wagons from NACCO/CIT

The Swiss railway wagon leasing company Wascosa AG is acquiring about 4,400 freight wagons from NACCO/CIT. Together with Aves One AG, an investor in the logistics assets sector listed on the stock exchange, Wascosa signed a purchasing contract outlining the acquisition of around 30% of the NACCO Group’s freight wagon. In addition to taking over operations and wagon leasing contracts, Wascosa will also assume responsibility for NACCO GmbH operations in Hamburg.

Philipp Müller, President of the Board of Directors: “By acquiring NACCO’s freight cars, we are significantly accelerating the growth we have established over recent years. NACCO’s young, modern rail wagon fleet is the ideal addition to Wascosa’s offerings and allows us to further diversify our range. This will open up additional opportunities for growth in both existing and new market segments.’

With the acquisition of more than 4,400 freight wagons, Wascosa’s fleet will reach more than 14,000 freight wagons by the end of the year. As a result, it will become the fourth largest European rail wagon leasing provider after VTG, Ermewa and GATX.

The responsible antitrust authorities approved VTG AG’s acquisition of CIT Rail Holdings (Europe) SAS, the owner of the NACCO Group, in March 2018 under the condition that around 30% of its freight wagon stock be transferred to a third party. With yesterday’s signing of the purchase contracts by the bidding consortium of Wascosa and Aves One, a major step to comply with the competition authorities’ conditions has been made.

Founded in 1964 and headquartered in Lucerne, the family-owned Wascosa AG is a pioneer in freight wagon leasing. Its core business is the leasing and management of freight wagons for rail transport across Europe. The fleet includes everything from tank wagons for the chemical and mineral oil industry to intermodal wagons and wagons for mass freight transport. Customers include chemical and mineral oil corporations, industrial and logistics companies, and private and state-run railway companies.