NACCO take over

On 1 October 2018, Wascosa AG, the Swiss railway wagon leasing company, and the listed Aves One AG, an investor in logistics assets closed the acquisition of 4,400 freight wagons from NACCO, a subsidiary of CIT Group. In addition to taking over operations and wagon leasing contracts, Wascosa will also assume responsibility for NACCO GmbH operations in Hamburg. The remaining 11,000 freight cars will remain with the NACCO Group, which in turn will be taken over by VTG AG, one of the leading wagon leasing and rail logistics companies in Europe.

Philipp Müller, President of the Board of Directors, said, “The rapid completion of this transaction significantly accelerates our growth in recent years and makes us the number four of European wagon hire companies. This opens up further interesting growth prospects for us in existing and new market segments”.