The Schneider group has reached an agreement to sell the Austrian firm Kapsch TrafflcCom its transportation business. The operation directly affects the Basque Country, where one of the specialist centres in this field is located. More specifically, Kapsch will acquire the assets of the former Telvent Tráfico y Transporte, a company that once included the Bilbao company Arce Ibérica. The agreement provides for a payment of 35 million euros for the transportation division. The operation will give Kapsch a broader product portfolio in the field of intelligent transportation systems (ITS), a key element in the development of smart cities.
The Kapsch Group, which has a network of subsidiaries and offices in 33 countries and employs 3,500 professionals, recorded revenues of 456 million euros in 2015.