Russians hungry for bus expansion
5th September 1991, Page 8
5th September 1991
Page 8
Page 8, 5th September 1991
— Russians hungry for bus expansion
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• Ikarus, the state-owned Hungarian bus maker, has been rescued from insolvency by a consortium led by Soviet controlled investment firm ATEX (CM 11-17 Oct 1990).
As part of the deal the 100year-old firm, which has been re-named Ikarus AG, has absorbed Hungary's smallest commercial vehicle maker, Csepel, which has also been in financial difficulties.
The ATEX consortium has taken a 33% share in Ikarus AG with an option to increase its share to 48%. Ikarus AG plans to build 10,000 buses a year, up 10% on last year, when it made a £6m loss. The company has selected Cummins engines for a major export order (see page 16).