DaimlerChrysler takes Adtranz

Thursday 21 January 1999 00:02 GMT

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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.

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