Alstom completes sale of N.America signaling business to Knorr-Bremse by Reuters

(Reuters) – French train manufacturer Alstom (EPA:) said Monday it has completed the sale of its North American conventional signage business to Knorr-Bremse for $690 million.

“The closing of the sale completes the execution of the company’s €2 billion ($2.2 billion) deleveraging plan,” Alstom said.

It had announced the sale in April as part of its plan to reduce debt by 2 billion euros. It further outlined the plan in May, including a $1 billion rights issue backed by its major shareholders.

Alstom is the world’s second-largest train maker after China-owned CRRC and has contracts on the UK order books for HS2 high-speed rail and the biggest train tender in Danish rail history.

Its cash woes are partly due to a legacy of troubled contracts following its 2021 acquisition of Bombardier’s ( OTC: ) rail business.

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