DaimlerChrysler takes Adtranz

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The Independent Online
ADTRANZ, the train maker which owns the former British Rail Engineering works in Derby, was taken over by DaimlerChrysler of Germany yesterday after it agreed to pay ABB $472m for the 50 per cent of the joint venture company it did not own.

Adtranz is the biggest train maker in the world, with sales last year of $3.7bn (pounds 2.2bn) and 24,000 employees, but it has been forced into a programme of job cuts and plant closures across Europe to improve profitability.