Knorr-Bremse

History

2024: Tolvo Invest buys 100% of Knorr-Bremze Commercial Transport Systems

The Russian company Tolvo Invest acquired a 100% stake in Knorr-Bremze Commercial Transport Systems LLC, the Russian division of the German brake system manufacturer Knorr-Bremse Systeme fur Nutzfahrzeuge. This became known in August 2024.

According to Interfax, the change of ownership was recorded in the Unified State Register of Legal Entities (Unified State Register of Legal Entities) on July 10, 2024. At the same time, the shares are burdened with collateral in favor of the German company, which may indicate special terms of the transaction.

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Bloomberg

Tolvo Invest LLC, the new owner of the assets, was registered in Moscow in July 2023 with an authorized capital of ₽10 thousand. The beneficiary of the company is Eduard Aniskin, who owns 99.9% of the shares directly and 0.1% through Tolvo LLC.

The former Russian division of Knorr-Bremse, operating in the local market since 2007, had a head office in Moscow and branches in Nizhny Novgorod and the Volga region. The company specialized in the production of brake system components, the supply of compressors for KAMAZ and GAZ commercial equipment, as well as the organization of after-sales service of its equipment.

After the acquisition by a Russian investor, the company was renamed Tolvo Systems for Commercial Transport LLC (Tolvo SKT).

The departure of Knorr-Bremse from the Russian market began back in 2022, when the company ceased cooperation with KamAZ under the joint venture of Knorr Bremze Kama LLC. Then KamAZ consolidated 100% of the joint venture's shares, renaming it KAMAZ Brake Systems LLC (KTS). The company continued its production activities due to the high localization of products and plans to further develop the product line for the automaker's trucks, KamAZ noted^[1]

2023: Transcomponent bought Knorr-Bremse's Russian brake systems assets

Holding Transcomponent acquired Russian assets for the production of brake systems for the rail transport company Knorr-Bremse. This was announced on September 29, 2023. "Businessman

The assets will be part of the KSK group of companies, which is part of Transcomponent and is engaged in the production of various equipment for transport engineering enterprises. Experts estimate the amount of the transaction at 4.5 - 5 billion rubles. The general director of Infoline-Analytics, Mikhail Burmistrov, calls the fair value of the assets participating in the transaction at 10 billion rubles, also noting that, taking into account the discount, it most likely amounted to 4.5-5 billion.

Transcomponent Holding acquired Russian assets for the production of braking systems for rail transport by Knorr-Bremse

The assessment of the realized assets and production base can be very, very approximate, since we are talking about a sale due to sanctions pressure, but in general, I believe that due to the speed of the decisions made, the sale could have been carried out at a certain discount, says Ilya Zharskaya, managing partner of the Veta Expert Group.

Key Systems and Components was acquired by Knorr-Bremze Holding LLC for CIS rail transport systems (Moscow) and Knorr-Bremze 1520 LLC (Leningrad Region). The acquired plant in the Leningrad Region will become a key asset for the Brake Equipment division created in the fall of 2022.

From a legal point of view, the owner of Russian subsidiaries Knorr-Bremse is now Transport Components Holding LLC. Thus, Holding Transcomponent became the sole owner of the enterprise producing brake systems for rail transport.

The head of the Brake Equipment division, Ilya Germanenko, who joined the holding after eight years of leading the Knorr-Bremse railway subsidiary in Russia, calls the main tasks of the new companies to preserve the processes already built, localize production, repair the brake equipment supplied by the enterprise and master the production of new products.^[2]

Notes