20.04.15
Lloyd’s Register Rail sold in £42.5m deal
Lloyd's Register Group has agreed to sell Lloyd’s Register (LR) Rail to UK-based engineering firm Ricardo, in a £42.5m deal.
Ricardo has announced that it has signed a Share and Asset Purchase Agreement to acquire the business.
LR Rail has a staff of 440 rail engineers and specialists and offers services, including rolling stock design, signalling and train control, intelligent rail systems, operational efficiency improvement, training and independent assurance services.
Ricardo plans to combine the business with its existing rail industry expertise in powertrain and driveline systems and lightweight structures to launch Ricardo Rail.
Current LR Rail MD Paul Seller is set to take on the role of managing director of the new Ricardo Rail business.
Ricardo plc CEO Dave Shemmans said: “LR Rail has an impressive market reputation and a very similar culture of quality and excellence in engineering to that of Ricardo, and will be an exceptionally good fit with Ricardo in terms of culture, geography, product offering and business model.”
Sellar added: “We have an excellent team and a strong reputation in the industry, and I believe that in Ricardo, we have an ideal new owner which shares our strategic vision to create a truly global rail business.”
(Image: Left - Ricardo CEO Dave Shemmans. Right - Lloyd's Register CEO Richard Sadler)
Tell us what you think – have your say below or email [email protected]