Alstom

From Wikipedia, the free encyclopedia

Alstom
FormerlyAlsthom, GEC Alsthom
TypeSociété Anonyme
Euronext: ALO
CAC 40 Component
ISINFR0010220475
IndustryRail transport
Founded1928; 93 years ago (1928)
HeadquartersSaint-Ouen-sur-Seine, France
Key people
Henri Poupart-Lafarge (Chairman and CEO)
Products Railway vehicles
Signalling
RevenueIncrease €8.072 billion (2018-19)[1]
Increase €730 million (2018-19)[1]
Increase €693 million (2018-19)[1]
Total assetsIncrease €13.410 billion (2018-19)[1]
Total equityIncrease €4.159 billion (2018-19)[1]
OwnerAs of May 2021:[2]
Number of employees
75,000 (2021)

Alstom SA is a French multinational rolling stock manufacturer operating worldwide in rail transport markets, active in the fields of passenger transportation, signalling, and locomotives, with products including the AGV, TGV, Eurostar, Avelia and New Pendolino high-speed trains, in addition to suburban, regional and metro trains, and Citadis trams.

Alsthom (originally Als-Thom) was formed by a merger between Thomson-Houston Electric Company and the electric engineering division of Société Alsacienne de Constructions Mécaniques in 1928. Significant later acquisitions included the Constructions Electriques de France (1932), shipbuilder Chantiers de l'Atlantique (1976), and parts of ACEC (Belgium, late 1980s).

A merger with parts of the General Electric Company (UK) formed GEC Alsthom in 1989. Throughout the 1990s, the company expanded its holdings in the rail sector, via the acquisition of German rolling stock manufacturer Linke-Hofmann-Busch and Italian rail signalling specialist Sasib Railways. In 1998, GEC Alsthom was floated on the Paris Stock Exchange and, later that year, it was rebranded Alstom.

In 2004, Alstom was in financial difficulties, having incurred massive unexpected costs (€4 billion) arising from a design flaw inherited from the acquisition of ABB Group's turbine business, in addition to losses in other business sectors. In 2003, the company had required a €3.2 billion state-backed bailout from the French government. As a result, Alstom was compelled to dispose of several of its divisions, including shipbuilding and electrical transmission to Nikhanj Power, in order to comply with European Union rules on state aid. It was able to re-acquire its electric transmission division in 2010. The firm also became heavily involved in offshore wind farms via its subsidiary company Alstom Wind.

In 2014, Alstom and General Electric (GE) announced that a US$17 billion (€12.4 billion) bid for Alstom's power and grid divisions had been made and provisionally accepted. Amid controversy in France over the proposed takeover of strategic domestic interest by a foreign company, GE's bid was modified to include joint ventures in power generation and transmission, as well as GE's rail signalling business being sold to Alstom. The acquisition of the power and grid division by GE was accepted by EU and US competition authorities in 2015, subject to Alstom's heavy gas turbine business being sold. The sale of Alstom's power generation and transmission businesses to GE was finalised on 2 November 2015, since which the Alstom Group has operated solely in the rail sector.

In late 2017, Alstom announced a proposed merger with Siemens Mobility of Germany. However, in February 2019, the European Commission prohibited the merger. Subsequently, in February 2020, the company signed a letter of agreement to purchase Bombardier Transportation. The purchase was finalized on 29 January 2021 and Bombardier's Transportation business became a part of Alstom.[3]

History[]

Alsthom (1928–1989)[]

Alsthom was founded in 1928 from the merger of French heavy engineering interests of the Thomson-Houston Electric Company (then part of General Electric) – the Compagnie française pour l'exploitation des procédés Thomson Houston (or Compagnie Française Thomson Houston, CFTH) and Société Alsacienne de Constructions Mécaniques, with the first factory in Belfort. In 1932, Alsthom expanded into transportation by acquiring , Tarbes, a manufacturer of electric locomotives as well as electrical and hydraulic equipment.

In 1969, Compagnie Générale d'Electricité (CGE) became the majority shareholder of Alsthom. In 1976, Alsthom merged with Chantiers de l'Atlantique, becoming Alsthom Atlantique. Thus, the business expanded into marine. The next year, it constructed the first 1300 MW generator set for the Paluel Nuclear Power Plant, setting a world record with an output of 1500 MW.

In 1978, Alsthom delivered its first TGV to SNCF. The TGV went on to break world rail speed records in 1981 (at 380 kilometres per hour (240 mph)) and in 1990 (at 515.3 kilometres per hour (320.2 mph)). It also set the world endurance record for high-speed train lines in 2001, travelling the 1,067.2 kilometres (663.1 mi) from Calais to Marseille in 3 hours and 29 minutes. In 1986, Alsthom Belfort received an order from EDF for the largest gas turbine in the world (212 MW).

In 1988–89, holding company CGEE Alsthom acquired ACEC Energie (hydroturbines and electrical equipment for the nuclear industry) and ACEC Automatisme (automation) from the dissolution of Belgian electrical engineering company ACEC. Alsthom acquired 100% of ACEC's transport division, renaming it ACEC Transport.[4]

GEC Alsthom (1989–1998)[]

See also: General Electric Company

In early 1989, GEC Alsthom was formed from a 50–50 merger of Alsthom and the Power Systems Division of the British General Electric Company; for Alsthom this move was intended to allow Alsthom to more successfully sell its products to export customers outside the French market.[5] In May of that year, British rail vehicle manufacturer Metro-Cammell was acquired.[6]

A Class 373 train at London St Pancras. The class 373 was built by Alstom in the early to mid-1990s for the Eurostar high-speed service from England to France and Belgium.

During the early 1990s, GEC Alsthom was the principal manufacturer of the British Rail Class 373, a variant of their TGV family specially designed for traversing the Channel Tunnel between the UK and France. Although collectively operated by Eurostar, the type was ordered by three different railway companies: 16 by SNCF, four by NMBS/SNCB, and 18 by British Rail, of which seven were shortened North of London sets.[7] The first Class 373 set was completed at GEC Alstom's Belfort facility during 1992.[8]

In 1994, GEC Alsthom acquired a 51% shareholding in Linke-Hofmann-Busch from Salzgitter AG.[9] In 1995, the company acquired the remaining shares in the steam turbine manufacturer .[citation needed] In early 1998, GEC Alsthom acquired the electrical contractor Cegelec, renaming it Alstom Power Conversion.[citation needed]

In 1998, GEC Alsthom bought Italian firm 's rail signalling subsidiary Sasib Railways,[10][11] which included the former General Railway Signal (USA).[12][13]

In June 1998, GEC Alsthom was listed on the Paris Stock Exchange; both GEC and Alcatel elected to sell off part of their stakes (23.6% each). Around this time, the company was officially renamed Alstom.[14] Retained by Alstom, the former Metro-Cammell works in Washwood Heath were closed in 2005.[15]

Alstom (1999–2014)[]

In 1999, Alstom bought half of ABB's power systems division, forming a 50-50 joint company known as ABB Alstom Power. Alstom also bought Canada's Télécité,[citation needed] a passenger information and security solutions company, and sold its heavy-duty gas turbine business to General Electric.[16][17] The next year, it bought out ABB's share in ABB Alstom Power.[18]

In 2000, Alstom sold its diesel engine businesses (Ruston, Paxman, and Mirrlees Blackstone) to MAN Group.[19] It also acquired a 51% stake in Italian rail manufacturer Fiat Ferroviaria, a world leader in tilting technology.[20] In April 2003, Alstom sold its industrial turbine business to Siemens for €1.1 billion.[21]

By 2003, Alstom was facing a financial crisis caused by a mix of poor sales and over $5 billion of debt liabilities; it reportedly had the potential to force the company's liquidation. These heavy debts were largely due to a $4 billion charge over a design flaw in a turbine developed by ABB Group, acquired by Alstom in 2000, as well as the collapse of customer Renaissance Cruises amid a general downturn in the marine market. Alstom's share price had dropped by 90% over two years.[22][23] European competition commission law required Alstom to sell several of its subsidiaries, including its shipbuilding and electrical transmission assets, when it accepted a €3.2 billion rescue plan involving the French state.[24]

In 2004, the French state took a 21% stake in Alstom for €772 million and Alstom received an EU-approved bailout worth in total €2.5 billion.[25] The company sold its electrical transmission and distribution ("grid") activities to Areva, the diesel locomotive manufacturer Meinfesa to Vossloh, and Alstom Power Rentals to APR LLC. That same year, Alstom delivered the four Mermaid propulsion units, each capable of providing up to 21.5 MW of power, to shipping company Cunard to power Queen Mary 2, the world's largest ocean liner.[citation needed]

In 2005, the former Metro-Cammell rail vehicle works in Washwood Heath, closed.[15]

In 2006, Alstom sold its Marine Division to the Norwegian group Aker Yards, with a commitment to retain 25% of the shares until 2010; it also sold Alstom Power Conversion, which became Converteam, in a leveraged buy-out deal funded by Barclays Private Equity France SAS.[26] In June 2006, Bouygues acquired the French government's 21% holding in Alstom for €2 billion.[27] Later that same year, Bouygues elected to increase its shareholding in the firm to 24%.[citation needed]

Alstom-Ecotècnia wind turbines in Spain

In 2007, the TGV POS set the world speed record for rail vehicles of 574.8 kilometres per hour (357.2 mph). In March, Alstom acquired Power Systems Manufacturing LLC (Florida, USA) a manufacturer of gas turbine components from Calpine Corporation for $242 million.[28][29] In June, Alstom acquired the Spanish wind turbine manufacturer Ecotècnia, renamed as Alstom Ecotècnia (since 2010 Alstom Wind). The company also adopted a new graphic chart (logo, corporate identity) using "alstom" as its trading name, reserving "Alstom SA" for legal documents.

In 2009 Alstom acquired 25% of Russia's Transmashholding.[30][31]

In 2010 Alstom re-acquired the electric power transmission division of Areva SA, which had previously been sold in 2004;[32][33] the re-acquisition became a new operating division named "Alstom Grid".[34] The company also opened a wind turbine assembly facility in Amarillo, Texas;[35] a turbine manufacturing facility in Chattanooga, Tennessee;[36] and a new hydropower manufacturing facility in China.[37] Investments underlined Alstom's clean power strategy, focused on providing a range of power generation capabilities, efficient technology and carbon capture and storage technology, led by then Alstom Power President, Philippe Joubert.[38]

In 2011 Alstom and the Iraqi government signed a memorandum of understanding regarding the construction of a new high-speed rail line between Baghdad and Basra.[39]

In 2012 Alstom opened construction of factories at Sorel-Tracy, Quebec, Canada (passenger rail vehicles).[40][41] After a consortium of Alstom (Alstom Wind), EDF, and DONG Energy was awarded three major French offshore wind farm contracts, the company initiated construction of factories at Cherbourg (turbine blades in association with LM Power, also wind turbine towers) and Saint-Nazaire (Nacelles and generators).[42] Also in 2012 the company forms a joint venture with RusHydro to manufacture hydropower equipment for small and medium power hydropower plants. (up to about 100MW.)[43]

In November 2013 Alstom announced it planned to raise €1 to €2 billion through sale of some non-core assets, plus the possible sale of a stake in Alstom Transport, and cut 1,300 jobs.[44][45] In 2014, Alstom sold its steam auxiliary components activities (air preheaters and gas-gas heaters for thermal power, other industrial heat transfer equipment, and grinding mills) to for €730 million.[46]

In November 2014 Alstom was awarded a $429.4 million contract to modernise 85 trains for the Mexico City metro system.[47]

Judicial troubles[]

Starting in 2009, Alstom's practices are questioned by the United States Department of Justice (DOJ), which violated the 1977 Foreign Corrupt Practices Act. This American law has extraterritorial scope. At the time, Alstom seemed to cooperate with the proceedings.[48]

In 2010, the DOJ opened an investigation into Alstom commercial practices, especially on a 2003 deal in Indonesia worth 118-million dollars.[49]

On April 13, 2013, Alstom senior executive Frédéric Pierucci was arrested at the John F. Kennedy International Airport in New York. He was accused of willful blindness of his company's suspected corruption. He was imprisoned in a high security prison facility for 14 months and denied release on bail until the week of Alstom's acquisition by the US conglomerate General Electric.[50][51]

In late 2014 Alstom was fined $772 million by the United States Department of Justice, and admitted guilt (under the Foreign Corrupt Practices Act) in relation to bribes paid to obtain contracts in various countries.[52][53]

In mid 2014 Alstom Network UK was charged by the UK Serious Fraud Office (SFO) in relation to corruption offences alleged to have been committed when obtaining transportation contracts in India, Poland and Tunisia, covered under sections 1 of the Prevention of Corruption Act 1906 and Criminal Law Act 1977.[54] Further charges were brought in late 2014 by the SFO in relation to corrupt practices used to obtain energy contracts in Lithuania.[55] Additional charges relating to contracts for the Budapest Metro in Hungary were added in April 2015.[56]

Acquisition by General Electric[]

On 24 April 2014, unconfirmed reports claimed that US conglomerate General Electric (GE) was in acquisition talks with Alstom for $13 billion with the support of 29%-shareholder Bouygues, causing Alstom's share price to rise 18% in one day.[57] On 27 April, Le Figaro reported that a rival 'cash plus asset swap' offer was issued by Siemens, trading Alstom's power business for part of its rail arm, plus a cash offer as good as GE's and job guarantees.[58][59] Siemens' bid was reportedly promoted by French economic minister Arnaud Montebourg. Siemens and Alstom had a greater product overlap and thus a greater risk to jobs, along with potential issues with EU competition regulators.[59][60] Siemens' offer was characterised as "defensive", being skeptically received by investors and analysts.[61][62]

On 29 April, Reuters reported that Alstom's board had accepted a €10 billion bid by GE for its energy division;[61] In a letter from GE executive Jeffrey R. Immelt to President François Hollande published in Les Echos, Immelt gave assurances about continued investment in Alstom's French activities, the security of the civil nuclear sector, and on job commitments made by Alstom Wind, whilst making its wind activities available to investors.[63] On 30 April, Alstom confirmed that an offer for its power and grid divisions (representing an equity value of €12.35 billion, €11.4 billion enterprise value) was under review with key interests including the French state.[64] On 30 April, GE confirmed it had made an $16.9 billion offer, comprising a $13.5 billion value plus $3.4 billion cash.[65] On 5 May, GE offered to buy one-fourth of the shares in Alstom's Indian power and distribution companies – Alstom T&D India and Alstom India – at 261.25 and 382.20 rupees a share (value US$278 million and $111 million respectively) subject to its bid for Alstom SA being successful.[66]

On 5 May 2014, the French government stated it did not back GE's bid, citing concerns on the future of Alstom's rail division as a smaller separate entity, suggesting that GE transfer its own rail division to Alstom; other concerns were over the civil nuclear field's national independence, and French jobs.[67] On 14 May, France issued a decree (Décret n° 2014-479 du 14 mai 2014.[note 1]), nicknamed "décret Alstom", extending to power of the state to veto the takeover of "strategic interests" into areas of energy supply, water, transport, telecoms and public health.[72][73] Both the French employer organisation MEDEF and the European Commissioner for Internal Market and Services (Michel Barnier) responded negatively to the decree.[72][73]

On 16 June Siemens and Mitsubishi Heavy Industries (MHI) submitted a competing offer for Siemens to acquire Alstom's gas turbine activities for €3.9 billion while MHI would form joint ventures with Alstom, acquiring 40%, 20% and 20% stakes in Alstom's steam and nuclear, electrical grid, and hydroelectric businesses respectively, for €3.1 billion. The proposal included an offer to buy a further 10% stake from shareholder Bouygues and an option to form a rail transport joint venture.[74][75] On 19 June, GE revised its bid, matching the same price with a lower cash transaction value; it also proposed forming a joint venture of their renewable, electric grid, steam turbine and nuclear power businesses. GE announced a memorandum of understanding between the two firms in the rail sector and the sale of GE's rail signalling unit to Alstom.[76][77] On 20 June, Siemens and MHI modified their bid, with MHI increasing its stake in Alstom's steam, hydro, and grid businesses to 40% in all three (total €3.9 billion) while Siemens increased its offer by €400 million to €4.3 billion.[78] Subsequently, Economy minister Arnaud Montebourg stated he would block both bids, but the French government backed GE's offer and had given GE more specifications on commitments and guarantees; it also intended to buy two-thirds of Bouygues' shareholding (20%).[79] The next day, Alstom's board backed GE's revised bid.[80][81] On 22 June, the French state agreed terms with Bouygues, buying a 20% stake in Alstom from Bouygues at a 2–5% discount on a minimum value of ≈€35 per share.[note 2][82][83][84]

Initially the acquisition was expected to be finalised by early 2015.[82] In early 2015, the EU Competition Commission began examining the deal.[85] Both EU and US competition regulators approved the deal by September 2015, subject to the divestiture of Alstom's large and very large gas turbine (GT26 and GT36 models) manufacturing and service business; and its GE7FA gas turbine aftermarket parts subsidiary business, Power Systems Mfg. LLC (PSM), to another company, Ansaldo Energia.[86][87][88]

The sale of Alstrom's energy division to GE was finalised on 2 November 2015; the final valuation being €12.4 billion, of which €9.7 billion was transferred to Alstom, the remainder being reinvested in GE/Alstom joint ventures plus other corrections. The acquired businesses were reorganised within GE's existing power generation business (GE Power & Water) as GE Power. The remainder of Alstom Group, including GE Signalling (acquired via a €700 million deal), refocused on rail transport.[89][90][91] Due to the acquisition, GE accrued $17.3bn of goodwill, consisting of Alstom's negative book value of $7.2bn at the time of acquisition and the $10.1bn purchase price. In October 2018, GE wrote-off $23bn from the value of its power industry division, largely attributed to the Alstom purchase.[92]

November 2015–present[]

In November 2015, Alstom was awarded a contract by the Indian Railways to construct an electric locomotive factory in Madhepura (Bihar), receiving an initial order of 800 twin-section 9MW locomotives for use on the Eastern Dedicated Freight Corridor, valued at ₹190 billion (about US$2.9 billion). This factory was to be operated under a joint venture with the Ministry of Railways (26%) at a cost of ₹ 13 billion (roughly US$200 million).[93]

During 2015, Alstom decided to increase its shareholding in Russian locomotive manufacturer Transmashholding, its stake rising from 25% to 33%, at a reported cost of €54 million.[94] It has originally acquired its 25% stake in Transmashholding during early 2010.[95] As a consequence of an alignment agreement between Transmashholding and another entity, , Alstom's stake in the former decreased to 20% in August 2018.[96]

In September 2015, it was announced that Amtrak would award Alstom a contract for $2.5 billion for the next generation high-speed train sets for the Northeast Corridor. This would result in the creation of 750 jobs across upstate New York with 400 direct manufacturing jobs at Alstom.[97][98] The order for 28 trains was officially confirmed in August 2016 by Amtrak.[99] These trainsets are manufactured at Alstom's plant in Hornell, New York.[100]

In March 2016, a joint venture of Alstom and Gibela began construction of a new 60,000 square metres (650,000 sq ft) train building factory in , outside of Johannesburg, South Africa. Initial orders for the factory included 580 X'Trapolis Mega passenger trains for Passenger Rail Agency of South Africa under a €4 billion contract that was awarded in 2013.[101]

In September 2016, Alstom announced it was to cease locomotive manufacturing at its Belfort (France) site by 2018 due to low orders; remaining production activity was to be transferred to its facility of Alstom DDF in Reichshoffen, Alsace.[102] However, during October 2016, the French state placed an order of about €650 million for 15 TGV Euroduplex trains; an order for 20 locomotives; plus an order for 30 intercity trains to be built at Reichshoffen. Together, these orders were sufficient to prevent the Belfort plant's closure in the short to medium term.[103][104]

In June 2017 Alstom opened the largest train modernisation facility in the UK at Halebank on the outskirts of Liverpool. Initial work involved the repainting of the Class 390 Pendolinos.[105][106]

In December 2018, three executives of Alstom were found guilty of conspiracy to corrupt following an investigation by the Serious Fraud Office into allegations of several Lithuanian politicians and officials being offered bribes in return for securing contracts.[107]

Attempted merger with Siemens Mobility[]

On 26 September 2017, Alstom announced a proposal to merge with Siemens Mobility, the rolling stock division of German conglomerate Siemens; this merger was promoted as the creation of "a new European champion in the rail industry".[108] The combined rail business, which was to have been reportedly named Siemens Alstom and headquartered in Paris, would have $18 billion U.S. in revenue and employ 62,300 people in more than 60 countries.[109] During November 2018, the European Commission voiced its concerns surrounding the proposed merger of the two companies, particularly that the combined entity would be too dominant in the European market; alleged impacts from such dominance included potential increases in passenger fares and cargo fees. Furthermore, a series of popular protests concerning the financial reforms of both the French territorial railway infrastructure and SNCF occurred.[110]

The proposed merger was viewed by some[according to whom?] as a measure to counter the rise of rival Chinese rail business CRRC; it reportedly received support from many figures within both the French and German governments. The transaction, which was originally due to close by the end of 2018, was met with opposition by French trade union officials who voiced their concerns that such a merger would have the potential for job losses.[111] On 17 July 2018, Alstom shareholders overwhelmingly approved the proposed merger with Siemens.[112] On 6 February 2019, the planned merger between the two companies was vetoed by the European Commission.[113] In response to this ruling, Alstom's Chief Executive Officer Henri Poupart-Lafarge stating that he viewed the decision to block the merger to have been a result of "ideological prejudices".[114]

Acquisition of Bombardier Transportation[]

In mid-February 2020, Alstom announced that it had signed a Memorandum of Agreement to buy Bombardier Transportation, the multinational train maker headquartered in Berlin, Germany for between €5.8 billion and €6.2 billion. The deal requires the approval by Alstom shareholders at a meeting to be held in October 2020 and approval by European regulators. Bombardier's major shareholder, Caisse de dépôt et placement du Québec, had already agreed to the sale.[115][116]

In July 2020, it was announced that the EU competition authorities have approved the purchase deal. In order to finish the deal, Alstom will need to sell the Alstom DDF factory based in France, a regional train division, a Bombardier facility in Germany, and a Bombardier trains division. Apart from that, the company will also need to carry out different guarantees and pass on some of Bombardier's assets.[117]

Company structure, products, and services[]

Up to November 2015, Alstom operated in three main business areas: Power generation, rail transport and transmission.[118] Following the sale of the company's power and transmission business to General Electric, the remainder of the business was entirely focused on rail transport.[89]

Transport[]

Alstom Transport develops and markets a complete range of systems, equipment, and service in the railway industry.[119] The division has annual sales of €5.5 billion as of 2013.[120] It is one of the world's largest manufacturers of high-speed trains, tramways and metros, electrical and diesel trains, information systems, traction systems, power supply systems, and track work.[119] The company also operates in the rail infrastructure market, designing, producing, and installing infrastructure for the rail network. These include information solutions, electrification, communication systems, track laying, station utilities, as well as workshops and depots. Maintenance, rebuilding, and renovation services are also provided by the company. Alstom Transport operates in 70 countries and employs 26,000 people.[121]

Notable products includes series production of the TGV high-speed trains with over 650 trainsets sold over 25 years, as well as the London Underground 1995 Stock, London Underground 1996 Stock, British Rail Class 390 and AGV.[122]

Since a merger with General Railway Signal in 1998, Alstom has been manufacturing railway signaling equipment at a former GRS factory located in a suburb near Rochester, New York. After the merger with GE signaling the manufacturing was transferred to Missouri, and GRS factory kept engineering the GRS legacy products.

Since 2002, Alstom has manufactured the Pendolino tilting train, following the acquisition of Fiat Ferroviaria.

The company also produces Citadis trams; as of 2007, over 1,100 Citadis trams are in use by 28 cities including Dublin, Algiers, Barcelona, Melbourne, Rotterdam and Paris.[123]

The company between 2007 and 2010 produced 1,002 R160A New York City subway cars at its manufacturing plant in Hornell, New York, while the body shells were built at their Lapa plant, in São Paulo, Brazil. In 2013, Alstom was awarded the contract to supply 168 coaches to Chennai Metro at a cost of ₹1,470 crore (US$210 million). [124] The company also owns the tender for supplying coaches to Kochi Metro, one of the most modern metro system in India. In September 2015, it was announced in Hornell, NY by Senator Charles Schumer (D-NY) that Amtrak will be awarding Alstom a contract for $2.45 billion for the next-generation high-speed train sets for the Northeast Corridor. This would result in the creation of 750 jobs across upstate New York with 400 direct manufacturing jobs at Alstom.[125][126] The new trainsets will be able to reach speeds up to 186 mph and feature active tilting technology. The 28 new train sets are scheduled to enter service by 2021.[127]

Next-generation high-speed trains under development by Alstom are the Avelia family: ETR.675, Avelia Horizon and Avelia Liberty.

Ottawa LRT cars Alstom Citadis Spirit are manufactured in Hornell, but assembly completed in Ottawa, Ontario and Brampton, Ontario.

List of rolling stock manufactured by Alstom:

EMU and DMU

Locomotives

Metro/Subway

Light Rail/Trams

Passenger Coaches

Former businesses[]

Power generation[]

Alstom power activities were collectively called Alstom Power Systems and included the design, manufacturing, services, and supply of products and systems for the power generation sector and industrial markets. The group covered most energy sources, including gas, coal, nuclear, hydro, wind. Power Systems provided components for power generation including boilers, steam turbines, and gas turbines, wind turbines, generators, air quality control systems, and monitoring and control systems for power plants, as well as related products. It had a special focus on boilers and emissions control equipment.[119]

Power Systems also provided services such as product retrofitting for nuclear and fossil steam turbines and refurbishment of existing power plants. It performed maintenance and servicing under long-term agreements for its own turbines, as well as those manufactured by GE and Siemens. In Russia, the company serviced nuclear equipment under a join agreement with Atomenergomash. In Brazil, Alstom, together with Bardella, ran a joint venture called to build hydroelectric power plants throughout the Amazon and Latin American regions. In India, Alstom had a joint venture with Bharat Forge to manage power production from start to finish.[119]

In 2015 the entire power sector was taken over by General Electric.

Alstom Grid[]

A third business section based on power transmission was formed on 7 June 2010 with the acquisition of the transmission business of Areva SA.[128] The division manufactures equipment for the entire chain of electrical power transmission, including ultra-high voltage transmission lines (both AC and DC). Alstom Grid is headquartered at La Défense, the business district west of Paris, and has four main businesses: electrical transmission system products, power electric system, automation, and service.[129] Alstom Grid has roughly 10% of the global market share.[130]

Financial information[]

Alstom was listed on the London, New York and Paris Stock Exchanges when it was floated on 22 June 1998.[131] Following the financial reconstruction in 2003, the company remained listed on the Paris Stock Exchange, but was delisted from the London Stock Exchange on 17 November 2003 and the New York Stock Exchange in August 2004.[132][133]

Shareholders[]

According to a shareholding study carried out in March 2018 the company's shareholding was:[134]

  • Institutional investors: 65%
  • Bouygues: 28%
  • Individual shareholders: 6%
  • Employees: 1%

Criticism[]

Involvement in Israeli settlements[]

On 12 February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements in the Occupied Palestinian Territories, including East Jerusalem, and in the occupied Golan Heights.[135][136] Alstom has been listed on the database in light of its involvement in activities related to "the provision of services and utilities supporting the maintenance and existence of settlements" and "the use of natural resources, in particular water and land, for business purposes".[135][136] The international community considers Israeli settlements built on land occupied by Israel to be in violation of international law.[137][138][139]

Notes[]

  1. ^ The decree was an amendment to the Code monétaire et financier (French), extending powers given by Decree No. 2005-1739 (30 December 2005);[68] the Décret n° 2014-479 du 14 mai 2014 relatif aux investissements étrangers.[69] was nicknamed the "décret Alstom", or the "décret Montebourg".[70] Arnaud Montebourg stated that the decree protected France's strategic interests and was the end of laissez-faire economic policy.[71]
  2. ^ The 20% shareholding gave the state two seats on the board. The share purchase deal was for 20 months, after which the state was entitled to a 15% share at a similar markdown on the actual market price.[82]

References[]

  1. ^ Jump up to: a b c d e Alstom, Consolidated Financial Statements 1 April 2018 – 31 March 2019[permanent dead link], retrieved 26 September 2019
  2. ^ "ALSTOM Shareholders". www.marketscreener.com. Retrieved 20 May 2021.
  3. ^ "A transformational step for Alstom: completion of the acquisition of Bombardier Transportation". Alstom. Retrieved 4 February 2021.
  4. ^ Sources:
  5. ^ International Directory of Company Histories (1994)
  6. ^ GEC swallows Metro-Cammell Railway Gazette International July 1989 page 457
  7. ^ "Ownership & Structure". Eurostar. Archived from the original on 8 May 2009. Retrieved 11 May 2009.
  8. ^ "GEC Alsthom: a marriage a la Jack Sprat". Management Today. Retrieved 25 August 2009.
  9. ^ World Update Railway Age August 1994 page 88
  10. ^ "SASIB ANNOUNCES 1999 RESULTS", www.cirgroup.com, 6 March 2000
  11. ^ "GEC Alsthom buys SASIB signaling units", Railway Age, 199 (2): 21, February 1998, archived from the original on 3 March 2016
  12. ^ "Alstom Signalling History", www.alstomsignalingsolutions.com, archived from the original on 9 January 2013
  13. ^ A Centennial – History of ALSTOM Signaling Inc. (Formerly General Railway Signal Company) 1904–2004 (PDF), Alstom Signalling Inc., June 2004, archived from the original (PDF) on 2 October 2011
  14. ^ GEC Alsthom drops the 'h' The Railway Magazine issue 1167 July 1998 page 55
  15. ^ Jump up to: a b Alstom withdraws from train assembly in British International Railway Journal July 2003 page 4
  16. ^ "ALSTOM sells its heavy duty gas turbine business to General Electric", www.alstom.com (press release), 23 March 1999
  17. ^ "ALSTOM completes sale of its heavy duty gas turbine business to General Electric", www.alstom.com (press release), 25 June 1999
  18. ^ "ABB to Sell Stake in ABB Alstom Power". tdworld.com. Transmission & Distribution World. 1 May 2000.
  19. ^ "Man acquires Alstom's diesel engine operations", www.alstom.com (Press release), 21 February 2000
  20. ^ "Article: Alstom Takes Over Fiat Ferroviaria". www.highbeam.com. International Railway Journal Article. 1 July 2000. Archived from the original on 5 November 2012.
  21. ^ "Siemens buys Alstom industrial turbines business for €1.1bn", www.power-eng.com, 28 April 2003
  22. ^ "Can Alstom Get Back on Track? It's a financial wreck, and the rescue plan may not work". www.businessweek.com. Bloomberg. 21 July 2003.
  23. ^ "French capitalism. Bull again France's state-backed rescue of Alstom is all too familiar". The Economist. 7 August 2003.
  24. ^ Braud, Maurice (22 October 2010), "Alstom rescue plan agreed", www.eurofound.europa.eu, Eurofound
  25. ^ "EU gives Alstom bailout backing". BBC News. 7 July 2004.
  26. ^ "Converteam Annual Report 2006" (PDF). Converteam.com. 5 May 2007. Archived from the original (PDF) on 16 September 2016.
  27. ^ Gow, David (28 April 2006), "Bouygues buys Alstom stake", The Guardian, London
  28. ^ Alstom to acquire USA gas turbine service provider (press release), March 2007
  29. ^ Annual Report 2006/7 (PDF), Alstom, p. 8
  30. ^ "Alstom and the Russian rail manufacturer Transmashholding sign a strategic partnership agreement". eng.tmholding.ru. 31 March 2009. Archived from the original on 11 July 2012.
  31. ^ Alstom acquires 25% stake in Transmashholding International Railway Journal April 2010 page 17
  32. ^ "Alstom Acquires Areva Division for 2.3 Billion Euros (Update3)". www.businessweek.com. Bloomberg. 8 June 2010.
  33. ^ "Alstom wants to buy former unit from Areva". Reuters.com. 9 March 2009.
  34. ^ "Alstom creates a third Sector, Alstom Grid, with the acquisition of the transmission business of Areva". Alstom.com (Press release). 8 June 2010. Archived from the original on 6 January 2011.
  35. ^ "Alstom Outlines Plans for North American Wind Turbine Assembly Facility". 25 May 2010.
  36. ^ "Alstom opens in Chattanooga, USA, a state-of-the-art turbine manufacturing facility to address the North American power generation market". 24 June 2010.
  37. ^ "Alstom inaugurates new hydropower manufacturing facility in China; New carbon-neutral factory will reinforce Alstom's leading position in the Chinese hydro market". 4 November 2010.
  38. ^ "Alstom powers up to fight climate change". knowledge.insead.edu. 10 March 2010.
  39. ^ "Iraq: France's Alstom signs high-speed rail line deal". BBC News Online. 24 June 2011. Archived from the original on 27 June 2011. Retrieved 27 June 2011.
  40. ^ Rochon, Sylvain (20 May 2012), "Il réalise son engagement électoral le plus audacieux" Un jour pas si lointain, des bogies construits à Sorel-Tracy équiperont des rames de métro partout au Canada et aux Etats-Unis " – Sylvain Simard", www.soreltracyregion.net
  41. ^ "New Alstom manufacturing plant in Canada", www.alstom.com, 18 May 2012
  42. ^ Sources:
  43. ^ "Alstom and RusHydro start work on new manufacturing plant", www.waterpowermagazine.com, 15 May 2012, archived from the original on 5 February 2013
  44. ^ Stothard, Michael (6 November 2013), "Alstom to cut 1,300 jobs and sell assets", www.ft.com
  45. ^ Landauro, Init (6 November 2013), "Alstom to Sell Stake in Bullet-Train Unit – French Conglomerate Targets $1.35 Billion to $2.7 Billion in Asset sales", online.wsj.com
  46. ^ Alstom sells its steam auxiliary components activities to Triton for around €730  million (Press release), Alstom, 4 April 2014
  47. ^ Mexico City awards $430 million train contract to Alstom. Reuters, 17 November 2014
  48. ^ "À lire : « Le piège américain » de F. Pierucci". Le Moci (in French). 18 July 2019. Retrieved 28 May 2021.
  49. ^ "Quand un cadre d'Alstom se retrouve en prison". Les Echos (in French). 17 November 2017. Retrieved 28 May 2021.
  50. ^ Alstom : la France vendue à la découpe ? Frédéric Pierucci [EN DIRECT], retrieved 28 May 2021
  51. ^ "L'éclairant calvaire de Frédéric Pierucci, lampiste et appât de l'affaire Alstom" (in French). 16 January 2019. Cite journal requires |journal= (help)
  52. ^ Lynch, Sarah N. (22 December 2014). "Alstom to pay record $772 million to settle bribery charges with U.S." Reuters.com. Reuters.
  53. ^ Tovey, Alan (22 December 2014), "Alstom fined $772m in US for 'brazen' and 'astounding' foreign bribery schemes", The Telegraph, London
  54. ^ "Criminal charges against Alstom in the UK", www.sfo.gov.uk, 27 July 2014, archived from the original on 25 December 2014
  55. ^ Ring, Suzi (24 December 2014), "Alstom Charged in U.K. With Paying Bribes Over 8 Years", www.bloomberg.com
  56. ^ Cruise, Sinead (16 April 2015), "files more corruption charges against Alstom's UK unit (UPDATE 1-UK)", www.reuters.com
  57. ^ Kirchfeld, Aaron; Campbell, Matthew; McCracken, Jeffrey (24 April 2014), General Electric Said in Talks to Buy France's Alstom, Bloomberg
  58. ^ Letessier, Ivan (27 April 2014), "Alstom : le gouvernement travaille à un projet franco-allemand avec Siemens", www.lefigaro.fr
  59. ^ Jump up to: a b Kirchfeld, Aaron; de Beaupuy, Francois; Webb, Alex (27 April 2014), "Siemens Said to Offer Alstom Asset Swap to Beat GE Bid", www.bloomberg.com
  60. ^ Meichtry, Stacy; Gauthier-Villars, David (27 April 2014), "Siemens's New Alstom Bid Disrupts GE Deal", online.wsj.com
  61. ^ Jump up to: a b Protard, Matthieu; Sheahan, Maria (29 April 2014). "Alstom accepts 10 billion euro GE bid for its energy unit". www.reuters.com.
  62. ^ Gordon, Sarah (4 June 2014). "Siemens rides to Alstom's rescue on a horse gone lame". www.ft.com.
  63. ^ Le Billon, Veronique (29 April 2014). "Alstom : ce que promet General Electric à Hollande". www.lesechos.fr (in French).
  64. ^ Alstom is considering the proposed acquisition of its Energy activities by GE and the creation of a strong standalone market leader in the rail industry (Press release), Alstom, 30 April 2014, archived from the original on 30 July 2014
  65. ^ GE offers $13.5 billion enterprise value to acquire Alstom Thermal, Renewables, and Grid businesses (Press release), GE, 30 April 2014, archived from the original on 2 May 2014
  66. ^ Tripathy, Devidutta (5 May 2014), "GE makes $389 mln share tender offer for Alstom's India units", www.reuters.com
  67. ^ Jolly, David (5 May 2014), "France Says It Opposes G.E.'s Bid for Alstom Unit", dealbook.nytimes.com
  68. ^ "Décret n°2005-1739 du 30 décembre 2005 réglementant les relations financières avec l'étranger et portant application de l'article L. 151-3 du code monétaire et financier", www.legifrance.gouv.fr (in French), 31 December 2005
  69. ^ "Décret n° 2014-479 du 14 mai 2014 relatif aux investissements étrangers soumis à autorisation préalable", www.legifrance.gouv.fr (in French), 16 May 2014
  70. ^ "Au fait, c'est quoi ce décret sur les " investissements stratégiques " ?", www.lemonde.fr (in French), 16 May 2014
  71. ^ d'Allonnes, David Revault; Pietralunga, Cedric (15 May 2014), "Montebourg : " Le décret sur les entreprises, c'est la fin du laisser-faire "", www.lemonde.fr (in French), Le choix que nous avons fait, avec le premier ministre, est un choix de patriotisme économique. Ces mesures de protection des intérêts stratégiques de la France sont une reconquête de notre puissance. C'est la fin du laisser-faire
  72. ^ Jump up to: a b "Décret Alstom : une "mauvaise idée" pour Gattaz, la Commission européenne attentive", www.boursier.com (in French), 15 May 2014
  73. ^ Jump up to: a b "France grabs for power over Alstom future with new takeover law (update 5)", www.reuters.com, 15 May 2014
  74. ^ Mitsubishi Heavy Industries and Siemens provide a compelling proposal for Alstom (PDF) (Press release), Mitsubishi Heavy Industries / Siemens, 16 June 2014
  75. ^ "Siemens and Mitsubishi launch Alstom gas bid", BBC News, 16 June 2014
  76. ^ GE Announces Energy and Transport Alliance with Alstom (press release), GE, 19 June 2014, archived from the original on 26 June 2014
  77. ^ Huet, Natalie; Mallet, Benjamin (19 June 2014), "GE reshapes Alstom offer to appease France", www.bloomberg.com
  78. ^ Mitsubishi Heavy Industries and Siemens specify proposal to Alstom (PDF) (press release), Siemens / Mitsubishi Heavy Industries, 20 June 2014
  79. ^ Sources:
  80. ^ Carnegy, Hugh; Stothard, Michael; Crooks, Ed (21 June 2014), "Alstom board unanimously approves revised GE bid", www.ft.com
  81. ^ Guillaume, Gilles; Pineau, Elizabeth (21 June 2014), "Alstom backs GE bid as Bouygues stake deal takes shape (UPDATE 4)", www.reuters.com
  82. ^ Jump up to: a b c Mallet, Benjamin; Frost, Laurence (23 June 2014), "France secures Alstom stake option ahead of GE tie-up", www.reuters.com
  83. ^ "France secures option to buy Alstom stake from Bouygues", www.reuters.com, 22 June 2014
  84. ^ Landauro, Inti; Meichtry, Stacy (22 June 2014), "France Lifts Hurdle to GE-Alstom Deal", online.wsj.com
  85. ^ "EU watchdog to examine GE's $14 bln Alstom deal more closely (UPDATE 2)", www.reuters.com, 23 February 2015
  86. ^ Sebag, Gaspard (8 September 2015), "GE Wins Approval for Alstom Deal After Asset-Sales Pledge", www.bloomberg.com
  87. ^ "Mergers: Commission clears GE's acquisition of Alstom's power generation and transmission assets, subject to conditionsm", europa.eu (press release), 8 September 2015
  88. ^ Justice Department Requires General Electric to Divest Aftermarket Business in Order to Complete Alstom Purchase (press release), United States Department of Justice, 8 September 2015
  89. ^ Jump up to: a b "Alstom refocused on rail transport with strong leadership positions", www.alstom.com (press release), 2 November 2015
  90. ^ "Alstom Power Combine to Form GE's Largest Digital Industrial Business, GE Power", www.genewsroom.com (press release), 2 November 2015, retrieved 2 November 2015[permanent dead link]
  91. ^ "GE COMPLETES ACQUISITION OF ALSTOM POWER AND GRID BUSINESSES", www.genewsroom.com (press release), 2 November 2015
  92. ^ "Subscribe to read". Financial Times. Retrieved 14 October 2018. Cite uses generic title (help)
  93. ^ "Alstom to supply 800 electric locos to Indian Railways", www.railwaygazette.com, 10 November 2015, retrieved 11 November 2015
  94. ^ Barrow, Keith (29 December 2015), "Alstom increases stake in Transmashholding", www.railjournal.com
  95. ^ "Alstom acquires 25% of the capital of Transmashholding". Alstom. 1 March 2010.
  96. ^ "Transmashholding and LocoTech-Service stakes pooled". Railway Gazette. 7 August 2018.
  97. ^ Jordan, Jason (21 September 2015). "400 New jobs coming to Alstom". The Evening Tribune.
  98. ^ "SCHUMER ANNOUNCES: AMTRAK IS SET TO SELECT HORNELL'S ALSTOM AS PART OF $2.5 BILLION PROGRAM TO BUILD SAFER, NEXT GENERATION HIGH-SPEED TRAINS; SENATOR SAYS PROJECT WILL CREATE 750 JOBS INCLUDING 400 DIRECT MANUFACTURING JOBS AT ALSTOM IN HORNELL" (press release). Charles E. Schumer (Senator). 21 September 2015.
  99. ^ "AMTRAK INVESTS $2.4 BILLION FOR NEXT-GEN HIGH-SPEED TRAINSETS AND INFRASTRUCTURE UPGRADES". Amtrak. 25 September 2016.
  100. ^ Mann, Ted (13 May 2019). "Amtrak puts $2 billion On the Line". The Wall Street Journal. p. A3.
  101. ^ "Alstom JV begins construction on South African suburban trains manufacturing site", www.europeanrailwayreview.com, 7 March 2016
  102. ^ "Alstom to cease locomotive production at Belfort", www.railwaygazette.com, 8 September 2016, retrieved 8 September 2016
  103. ^ Barrow, Keith (4 October 2016), "Alstom Belfort plant rescued with TGV order", www.railjournal.com
  104. ^ Nussbaum, Ania (4 October 2016), "Alstom to Scrap Belfort Plan After France Pledges New TGV Orders", www.bloomberg.com
  105. ^ Alstom in Widnes, Alstom, archived from the original on 23 May 2017, retrieved 1 July 2017
  106. ^ "Alstom opens UK's largest train modernisation facility in Widnes", Rail Technology Magazine, Cognitive Publishing, 29 June 2017, retrieved 1 July 2017
  107. ^ Pegg, David (19 December 2018). "Three Alstom executives guilty of conspiracy to corrupt". Theguardian.com.
  108. ^ "Siemens and Alstom join forces to create a European Champion in Mobility". Alstom.com. 26 September 2017.
  109. ^ Marowits, Ross (26 September 2017). "European railway manufacturers Siemens and Alstom confirm merger deal". The Toronto Star. ISSN 0319-0781.
  110. ^ Larger, Thibault; Oroschakoff, Kalina (13 November 2018). "EU slams Alstom-Siemens rail mega-merger plans". Politico.
  111. ^ "French trade unions voice opposition to Alstom/Siemens tie-up deal". Reuters. 30 January 2018.
  112. ^ Senese, Kyra (18 July 2018). "Alstom shareholders approve Siemens merger". Railway Age.
  113. ^ Toplensky, Rochelle (6 February 2019). "EU blocks planned Siemens-Alstom rail deal in landmark decision". Financial Times.
  114. ^ Fickling, David (6 February 2019). "Alstom and Siemens Show How Not to Deal With China". Bloomberg.
  115. ^ "Bombardier sells train-making division to French multinational Alstom". CBC News. 17 February 2020. Retrieved 18 February 2020.
  116. ^ "Alstom to take over Bombardier". Rail Technology. 18 February 2020. Retrieved 18 February 2020.[permanent dead link]
  117. ^ Keohane, David; Espinoza, Javier (31 July 2020). "EU approves Alstom-Bombardier deal to create train-making giant". Financial Times. Brussels. Retrieved 31 July 2020.
  118. ^ Alstom – Our Activities alstom.comArchived 22 September 2010 at the Wayback Machine
  119. ^ Jump up to: a b c d "Alstom (ALO:Euronext Paris) Company Description". Business Week. Archived from the original on 25 June 2014. Retrieved 24 June 2014.
  120. ^ Whitfield, Paul (6 May 2014). "GE Offers New Talks With France Over Alstom bid". The Street. Retrieved 24 June 2014.
  121. ^ "Green ambition". Railway Strategies. Retrieved 24 June 2014.
  122. ^ "Sarkozy backs Alstom's Grande Vitesse". Railway People. 14 February 2008. Retrieved 24 June 2014.
  123. ^ "Alstom to supply Citadis tramways in Oran and Constantine". Visit Oran. 18 November 2007. Archived from the original on 17 July 2014. Retrieved 24 June 2014.
  124. ^ "Alstom completes in Lapa plant the first train for Chennai metro, in India". Alstom (Press release). May 2013. Retrieved 6 June 2016.
  125. ^ Tribune, Jason JordanThe Evening. "400 New jobs coming to Alstom". The Evening Tribune. Retrieved 19 December 2018.
  126. ^ "SCHUMER ANNOUNCES: AMTRAK IS SET TO SELECT HORNELL'S ALSTOM AS PART OF $2.5 BILLION PROGRAM TO BUILD SAFER, NEXT GENERATION HIGH-SPEED TRAINS; SENATOR SAYS PROJECT WILL CREATE 750 JOBS INCLUDING 400 DIRECT MANUFACTURING JOBS AT ALSTOM IN HORNELL - U.S. Senator Chuck Schumer of New York". Schumer.senate.gov. Retrieved 19 December 2018.
  127. ^ "AMTRAK INVESTS $2.4 BILLION FOR NEXT-GEN HIGH-SPEED TRAINSETS AND INFRASTRUCTURE UPGRADES". Media.amtrak.com. Retrieved 15 October 2016.
  128. ^ The creation of a third sector, Alstom Grid, opens a new development phase for Alstom alstom.comArchived 23 September 2010 at the Wayback Machine
  129. ^ "Alstom Grid – a global organization focused on performance". Alstom.com. Archived from the original on 30 June 2014. Retrieved 25 June 2014.
  130. ^ De Clercq, Geert (29 April 2014). "Whoever wins Alstom power assets, industry faces shakeout". Reuters. Retrieved 24 June 2014.
  131. ^ "ALSTOM 1998/1999 : A year of solid results". Alstom.com. Retrieved 24 June 2014.
  132. ^ "Alstom Re Secondary Listing". Trustnet.com. Retrieved 25 June 2014.
  133. ^ Singer, Marie (27 April 2014). "Alstom takeover, French government slams brakes". Market Business News. Retrieved 24 June 2014.
  134. ^ "Capital Structure". Alstom.com. Retrieved 7 February 2019.
  135. ^ Jump up to: a b "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
  136. ^ Jump up to: a b "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". ReliefWeb. 14 February 2020. Retrieved 5 July 2021.
  137. ^ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  138. ^ "Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory" (PDF). International Court of Justice. 9 July 2004. Retrieved 5 July 2021.
  139. ^ "Conference of High Contracting Parties to the Fourth Geneva Convention". International Committee of the Red Cross. 5 December 2001. Retrieved 5 July 2021.

Sources[]

  • "Alcatel Alsthom Compagnie Générale d'Electricité", International Directory of Company Histories, St. James Press, 9, 1994

External links[]

Retrieved from ""