Polish rolling stock manufacturer Pesa Bydgoszcz has agreed to acquire German tram builder HeiterBlick GmbH, marking another state-backed Polish industrial move into Europe’s largest rail market.
Pesa will purchase 100% of Leipzig-based HeiterBlick for an undisclosed sum, according to Piotr Małczuk, president of Poland’s state-owned development fund PFR, which controls Pesa. The acquisition of the financially troubled German company is intended to strengthen Pesa’s presence in western Europe.
“The current economic slowdown in Germany, along with growing succession challenges, may create attractive opportunities, especially since a number of Polish firms have already built up sufficient capital,” Małczuk told Bloomberg News. PFR expects at least two further acquisitions by Polish companies in Germany within the next six months, as domestic manufacturers look to expand abroad amid weaker growth across the German economy.
Fresh financing
The deal also comes against the backdrop of a major refinancing and expansion push for Pesa. Earlier this month, the manufacturer announced a €1.6 billion strategic financing agreement with a consortium of more than 20 lending institutions. According to PFR, Pesa’s current order backlog exceeds PLN 15 billion (€3.5 billion).
“To deliver on these contracts and further expand our market presence, two key factors were needed: increasing production capacity and refinancing operations,” Małczuk said in comments accompanying the financing announcement.
Pesa says the new funding will cover both short- and long-term needs, including performance guarantees for existing and future contracts, as well as further modernisation of its Bydgoszcz manufacturing site. An investment programme launched in 2023 aims to double production capacity at the plant through increased automation and the introduction of laser welding technologies.
Pesa international expansion
The company has been expanding its international footprint in recent years. It is currently building 91 regional electric multiple units for Romania’s rail reform authority ARF, as well as 18 EMUs capable of 200 km/h for Czech open-access operator RegioJet. Pesa has also been expanding its service network in the Czech Republic and Romania.
In parallel, the manufacturer is investing in new product development. It says it is independently designing a 250 km/h electric multiple unit, a hydrogen-powered locomotive, and a new tram platform scheduled to be unveiled in 2027. Battery- and hydrogen-powered variants are also under development as part of its Regio160 platform, which already underpins diesel units delivered to Ghana and EMUs supplied in Poland and Romania. The HeiterBlick transaction follows Pesa’s unsuccessful bid last year for Spanish rolling stock manufacturer Talgo.
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