“SDS-Holding” sells the car-building plant to the “Taltek” group

The change of owners of large carriage-building enterprises, which began at the turn of the year, continues: the third largest in the Russian Federation, Altaivagon, passed to new shareholders – SDS-Holding sold the plant to the Taltek group. Analysts note the potential for synergy between Altaivagon and the group’s Barnaul VRZ and the presence of its own cargo base. The market is talking about the transaction amount of 15–23 billion rubles, experts – about 20 billion rubles.

SDS-Holding is selling its 75% stake in NPK Altaymash, which owns Altaivagon; another 25% of NPK remained with the Port Infrastructure Development Center. Sources of Kommersant and RZD-Partner told about this. The buyer was the Taltek group. The parties to the transaction did not respond to requests. According to Kommersant’s information, Alexander Miroshnik remains at the head of Altaimash, but the general director of Altaivagon has already changed – the chair was taken by Alexey Kungurtsev, who previously headed the Barnaul Car Repair Plant (BVRZ) Talteka. According to one of Kommersant’s sources, the deal is closed, another says that it has been “globally agreed upon, and a number of conditions are being discussed.” Kommersant’s interlocutors estimate the asset in the range of 15–23 billion rubles, specifying that SDS initially bought the plant for $1 million.

Altaivagon (Novoaltaysk) is one of the top three railcar manufacturing enterprises in the Russian Federation (9.8 thousand railcars in 2022). According to the managing partner of the Rollingstock Agency, Alexander Polikarpov, in January-November 2023, Altaivagon (including its subsidiary Kemerovokhimmash) produced about 3.6 thousand covered cars, 3.2 thousand gondola cars and 1.7 thousand platforms: “Also, in 2023, mass production of oil and gasoline tanks began at the facilities of Kemerovokhimmash under a contract with Railgo. Altaivagon also produces a small number of hoppers, but only in recent years. According to preliminary data, about 10 thousand cars were produced at all manufacturer sites in 2023.”

One of Kommersant’s interlocutors considers the reasons for the sale, on the one hand, to be “the difficult situation of the founder of the SDS, Mikhail Fedyaev” (he is under investigation in the case of the accident at the Listvyazhnaya mine in 2021), and on the other hand, successful market conditions, “allowing us to reach the peak.”

“A buyer with its own cargo base also seems logical,” adds Kommersant’s source.

GC Taltek controls a number of coal mining enterprises in the Kemerovo region with reserves of 650 million tons (at the beginning of 2023).

“Taltek” owns the Barnaul VRZ, the railway operator “Taltek Trans” and the Kandalaksha sea trade port. The founder and head of the group’s board of directors is Yuri Kocherinsky.

As a source in the market told Kommersant, Altaivagon, under a regional agreement, historically gave 250 of the 1.1 thousand car sets per month to the neighboring BVRZ, which specializes in the production of hoppers – grain and mineral carriers. “Altaivagon’s strength lies in the production of innovative and covered cars. If synergy is realized, the merged company will have a full line: gondola cars, petroleum and LPG tanks, hoppers, boxcars, platforms,” noted Kommersant’s interlocutor. He estimates the total production potential at 16 thousand cars per year.

In 2024, the seller’s market is expected to remain in the railcar industry, believes Alexander Polikarpov; Altaivagon and BVRZ have already signed contracts until the end of the year: “The synergy potential of the enterprises is high. “Altaivagon” has a certificate for the production of trolleys with an axle load of 25 tons. In 2023, different models of cars were certified.” BVRZ will receive priority access to the foundry capacity of Altaivagon, the expert adds, which is important in the context of the expected shortage and rise in price of castings on the market.

This is the second major deal in the railcar industry in just over a month: in December became known on the sale of the United Carriage Company. The buyers were not disclosed; on the market they are considered close to Transmashholding and UMMC.

The head of Infoline-Analytics, Mikhail Burmistrov, notes that Taltek recently sold part of its coal assets (Northern Kuzbass) and “the shareholders have funds.” He values ​​Altaivagon at 20 billion rubles.

The pace of sales of new cars in Russia remains high, notes Mr. Burmistrov. The key factor that determines the need for the fleet and demand, he explains, is related to the speed of movement and turnover of the car, so “there is currently a shortage in almost all segments.” “Russia, in the conditions of the Northern Military District, is faced with an unprecedented level of terrorist threats, which are illustrated by sabotage in the Severomuysky tunnel and Ust-Luga, the process of reversing logistics flows to the east continues, where, as in the south, bottlenecks remain on the approaches to the ports,” the expert adds. “All this dictates an additional need for the fleet, so the thesis about a surplus or “excess” cars is not confirmed by the market situation.”

In addition, Mikhail Burmistrov clarifies, the volume of write-offs of the fleet by age will increase: from 2025 to 2030, the average annual volume will be about 30 thousand units, and in 2032–2033 – more than 80 thousand, which is more than the current production potential of the railcar industry. The expert estimates the volume of railcar purchases in the Russian Federation at no less than 55 thousand in 2024 and 50 thousand in 2025.

Natalya Skorlygina