Skoda affiliate named new Temsa owner
Sabanci Holdings and PPF, an affiliate of Skoda Transportation, have agreed and signed a letter of intent to become the new joint owners of Temsa.
Due diligence is expected to be completed in an agreement which will see Sabanci and PPF each take a 50% share. Temsa says this is expected to herald the beginning of a new era for the Turkish manufacturer.
Temsa will restart full production of its coach and bus manufacturing operations.
Arriva Bus and Coach, the exclusive UK dealership for Temsa, has welcomed the agreement between previous owner Sabanci and PPF.
Managing Director of Arriva Bus and Coach, Andrew Cullen, said: “I am looking forward to the outcome of this agreement and, assuming it is completed, believe the joint ownership of Sabanci and PPF will see Temsa go from strength to strength.
“I would also like to thank our customers for their understanding while Temsa works to reach this agreement and for their continued faith in both Temsa and the team at Arriva Bus and Coach.”