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Magyar Vagon Befektetési Vagyonkezelő Zrt. has acquired TMH International AG’s stake in TMH Hungary Invest Zrt., the owner of Dunakeszi Járműjavító (‘Vehicle Repairer’) Kft., resulting in the company of strategic importance for the national economy becoming a wholly Hungarian-owned company, Magyar Vagon Befektetési Vagyonkezelő Zrt. announced on Monday, according to MTI.
They stressed that with the acquisition, Magyar Vagon Investment Asset Management Ltd. aims to enable Dunakeszi Vehicle Repair Ltd. to further expand its market share as one of the leading players in the Hungarian national railway machinery manufacturing industry.
According to the information, Hungarian Wagon Investment Asset Management Ltd. has also acquired ownership of Transmashholding Hungary Kft., which won the order from Egyptian state railways, so that the production of passenger wagons can continue in Dunakeszi, with more than 50 percent of the order already delivered.
Transmashholding Hungary Kft. will continue its activities under the name Ganz-MaVag International Kft., and TMH Hungary Invest Zrt. will continue its activities under the name Ganz-MaVag Invest Zrt.
According to public company data, Dunakeszi Járműjavító Kft. achieved a net sales revenue of HUF 30.4 billion (EUR 76 million) in 2021, compared to HUF 10.7 billion (EUR 27 million) in the previous year, and its after-tax profit amounted to HUF 191 million (EUR 480,000) last year, compared to HUF 346 million (EUR 870,000) the previous year.
Featured image: illustration via Zoltán Máthé/MTI