Additionally, CAF has entered into an agreement with the Polish PFR investment fund -Polski Fundusz Rozwoju- for the acquisition by the latter of a minority stake in Solaris (35%) in the same terms and conditions agreed by CAF in the acquisition of Solaris. This agreement will materialize in the next weeks, once the administrative procedures are finished and the authorization of the corresponding regulatory entities is obtained.
Through the participation of a solid financial partner like PFR as a minority shareholder, CAF maintains the Polish identity of Solaris and strengthens its position to accomplish the ambitious growth plan of the company.
It should be reminded that Solaris is a global supplier of conventional and electric buses with presence in over 700 cities in 32 countries. With a 2017 turnover of close to €450 million, in that year the company delivered 1,397 buses, including conventional models (diesel and CNG) and a growing number of e-mobility vehicles, where it offers the widest available range of solutions, e.g. hybrid buses, trolleybuses, full-battery and hydrogen fuel cell powered public transport vehicles.
Andrés Arizkorreta, President and Chief Executive Officer of CAF,said:
“CAF’s investment in Solaris confirms our commitment to the vision of profitable growth and opens new strategic markets to CAF. Together with Solaris, we will create a leader in urban mobility solutions beyond rolling stock, particularly in the e-mobility segment. We want to continue using and to develop Solaris’ valuable brand and to keep its Polish character. The combination of both companies’ know-how in production, design, technology and services, together with the track record of Solaris in bus product innovation will allow us to better serve our clients while creating shareholder value”.
Solange Olszewska, founder of Solaris Bus & Coach S.A., said:
“It was not an easy decision for me and my family. Over 20 years ago, my husband and I founded our company that today employs nearly 2,500 people and that is active on more than 30 markets. I know that I am leaving the company in good hands. The CAF Group will continue the best practice in the Solaris brand and will let it grow even more”.
Solaris Bus(CAF Image)