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| - Due to structural changes DSB is investigating the market with a view to divesting the activities at the workshops which deliver and maintain spare parts for the trains. Until 2030, Fremtidens Tog (Future Trains) will gradually replace the train sets that DSB is currently operating. This implies that DSB will no longer have the same need to operate its own spare part workshops. Besides, DSB's coming generation of electric train sets, Fremtidens Tog, are to be maintained by the train supplier and not by DSB, meaning that DSB will have fewer options to redeploy staff from the spare part workshops. Therefore DSB is now transferring the areas of Supply, Logistics & Refurbishment to an independent company to investigate a divestment to a private third party in collaboration with SEB Corporate Finance. As part of this potential transaction, DSB will enter into an agreement with the divested company for delivery and maintenance of spare parts until 2024 with an extension option. As an independent party, the company will be strongly positioned to tender for operating and maintenance tasks both nationally and internationally. The purpose of the divestment is to ensure optimum security of supply of critical spare parts for DSB, while creating a lasting and more attractive workplace for the employees at the affected workshops: "It will become even harder to retain employees in the coming years as the transition to Fremtidens Tog will be prepared, and the prospects for the affected employees appear uncertain. We have full employment in Denmark and, already now, we are experiencing considerable demand for DSB's employees. We therefore believe that the time is right for a sale," says DSB CEO Flemming Jensen, elaborating: "We have chosen to investigate a sale now in order to give a new supplier optimum conditions for gaining a foothold in the market before deliveries for Fremtidens Tog start in 2024. Establishing oneself as operator in the North European market for train maintenance holds great potential. Railway operations are growing in Norway, Sweden, Germany and Denmark, and we have a very strong position within the maintenance area with ample growth opportunities for a new owner." DSB has appointed SEB Corporate Finance to assist in the process and manage the market dialogue. DSB's employees understand and support the decision. "Generally, I would have liked to see a solution like the one chosen for the new electric locomotives, where the supplier holds the formal responsibility for the maintenance, while the workmen are employed by DSB. Since that is not on the table, I think that this is the best option to keep our members' jobs," says President of the Danish Railway Operations Federation, which organises workmen at DSB, Jens Christian Kjeldsen. SEB Corporate Finance can be contacted at +45 3328 2900. View source version on businesswire.com: Contact DSB Communications Flemming Jensen - CEO - DSB +45 24 68 00 00 © 2020 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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