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Alstom is a French multinational company specializing in smart and sustainable mobility solutions, with core businesses in rolling stock, signaling systems, rail infrastructure, and lifecycle services. Headquartered in Saint-Ouen, France, it is a global leader in high-speed rail, urban transit, and innovative low-carbon mobility technologies.
Key moments
1928Founded through the merger of several French engineering companies
1998Renamed from GEC Alsthom to Alstom, listed on Paris, London, and New York stock exchanges
2015Sold its energy business to GE, refocusing exclusively on rail transport
2021Acquired Bombardier Transportation for ~€6 billion, becoming the world's second-largest rail industry player
2026-03Launched the world's first metro service using ETCS Hybrid Level 3 signaling on India's Meerut Metro line
Alstom operates in a highly competitive global rail market, with key rivals including China CRRC, Siemens Mobility, and Thales Group.
Strengths:
Global leadership in high-speed rail (TGV technology) and innovative low-carbon solutions like the Coradia iLint, the world's first commercial hydrogen-powered train.
Expanded market reach post-Bombardier acquisition, with enhanced presence in North America and Europe.
Strong track record in delivering large-scale transit projects, such as metro systems for major cities like Shanghai, Sydney, and São Paulo.
Challenges:
Intense competition from China CRRC, which dominates the global rolling stock market with cost advantages and extensive domestic support.
Integration costs and operational inefficiencies following the Bombardier acquisition, leading to short-term financial pressures.
Regional market barriers, including local content requirements in emerging markets like India and Southeast Asia.
Strategic Differentiation:
Alstom focuses on smart, sustainable mobility to stand out, leveraging technologies like ETCS signaling systems for cross-network interoperability and predictive maintenance digital services. Its recent launch of the ETCS-3 metro system in India demonstrates a push to break down traditional boundaries between regional rail and urban transit, creating integrated mobility ecosystems.
Largest global competitor: China CRRC (dominant in rolling stock volume)
Key European rivals: Siemens Mobility (signaling and high-speed rail) and Thales (rail signaling and digital solutions)
Alstom is a leading global brand in the smart and sustainable mobility sector, built on a long legacy of engineering excellence and technological innovation. As a French multinational specializing in rail infrastructure, rolling stock, and mobility services, it has cultivated a strong reputation as a trusted partner for governments and transit authorities worldwide, with particular recognition for its leadership in high-speed rail and low-carbon hydrogen-powered mobility. Its brand identity is tightly aligned with the global push for net-zero emissions, positioning it well to capture growing demand for sustainable transit solutions across developed and emerging markets.
The 2021 acquisition of Bombardier Transportation significantly expanded Alstom's market footprint and product portfolio, strengthening its competitive standing against major industry rivals. While the integration process brought short-term operational and financial challenges, it solidified Alstom's position as one of the world's largest rail manufacturing groups, with enhanced access to key markets in North America and Europe. This expansion has increased overall brand awareness and scale, allowing the company to pursue larger integrated mobility projects globally.
Alstom's brand equity is further reinforced by its consistent track record of delivering complex large-scale transit projects in major cities across every inhabited continent. Its focus on technological differentiation, such as interoperable signaling systems and digital predictive maintenance services, has helped it carve out a distinct strategic position in the highly competitive global rail market, balancing scale with innovative sustainability-focused offerings.
Brand leadership
Score: 85/100
Alstom holds clear global leadership in high-speed rail technology and commercial hydrogen-powered rolling stock, with iconic products like TGV high-speed trains and the Coradia iLint hydrogen train setting industry benchmarks for innovation. It ranks among the top three global rail manufacturing firms, widely recognized for its technological expertise in signaling systems and low-carbon mobility solutions, holding leading market share in multiple high-growth mobility segments.
Stakeholder interaction
Score: 78/100
Alstom maintains long-term collaborative relationships with government transit agencies, infrastructure operators, and industry partners across more than 70 countries. It engages regularly with stakeholders through co-development of custom mobility projects, digital service partnerships, and public sustainability initiatives, building trust through consistent delivery of complex large-scale infrastructure programs.
Growth momentum
Score: 72/100
Alstom benefits from strong industry-wide tailwinds driven by rising global investment in sustainable urban transit and high-speed rail connectivity, with its expanded post-acquisition portfolio positioning it to capture growing demand. While short-term financial pressures from Bombardier integration and intense competition moderate near-term momentum, the global decarbonization trend supports solid long-term brand growth prospects.
Brand stability
Score: 80/100
Alstom has maintained consistent brand positioning as an innovative, reliable mobility leader for decades, with no major reputational scandals or abrupt shifts in core business focus. Its base of long-term multi-year contracts with major public and private clients provides stable revenue streams that support consistent brand performance, even amid economic volatility and industry competition.
Brand heritage
Score: 90/100
Alstom's corporate heritage traces back to 19th century French engineering firms, with more than 100 years of experience in rail and infrastructure development. This long legacy has built deep institutional knowledge and a widespread reputation for reliability that resonates with public and private clients globally, making it one of the most established brands in the global rail industry.
Industry influence
Score: 82/100
Alstom actively shapes global rail industry standards through key innovations like the European Train Control System (ETCS) signaling technology, and its early adoption of hydrogen-powered mobility has influenced industry-wide decarbonization strategies. It is widely recognized as a thought leader in sustainable integrated mobility, with its technology roadmap often setting trends for competitors across the sector.
Global brand reach
Score: 83/100
Following the Bombardier acquisition, Alstom operates in more than 70 countries across Europe, North America, Latin America, Asia-Pacific, and Africa, holding major market positions in all major regional rail markets. While it faces regional market barriers such as local content requirements in some emerging markets that limit full penetration, it has built a truly global brand footprint unmatched by most peers outside of China's CRRC.
Artificial intelligence can support preliminary brand value reasoning for Alstom, drawing on public information about industry positioning, brand perception and market trends. Any figures derived from this analytical process are purely illustrative and not independently audited for official use. For a fully audited, official calculation of Alstom's brand value, please contact World Brand Lab.
industry
Rail transport
revenue
€18.48 billion (2024/2025)‡R1R‡
net income
€498 million (2024/2025)
assets
€34.58 billion (2024/2025)
equity
€10.57 billion (2024/2025)
owner
CDPQ (17.5%)
num employees
86,039 (March 2025)
homepage
https://alstom.com
footnotes
Financial figures are for fiscal year ended 31 March 2022.
References:‡R2R‡‡R3R‡‡R4R‡
Alstom SA is a French multinationalrail transport systems manufacturer. It is active in the fields of passenger transportation, rail services, signalling, and locomotives, producing high-speed, suburban, regional and urban trains along with trams.
The company and its name (originally spelled Alsthom) were formed by a merger between the electric engineering division of Société Alsacienne de Constructions Mécaniques (Als) and Compagnie Française Thomson-Houston (thom) in 1928.Significant acquisitions later included the Constructions Électriques de France (1932), shipbuilder Chantiers de l'Atlantique (1976), and parts of ACEC (late 1980s).
History
Alsthom (1928–1989)
Alsthom (at the time, with an 'h' in the word) was founded in 1928 from the merger of the French heavy engineering subsidiary of the Thomson-Houston Electric Company, the Compagnie française Thomson Houston, CFTH, and of the Société Alsacienne de Constructions Mécaniques.[5] In 1932, Alsthom expanded into transportation by acquiring the Constructions électriques de France, Tarbes, a manufacturer of electric locomotives as well as electrical and hydraulic equipment.
In 1969, Compagnie Générale d'Électricité (CGE) became the majority shareholder of Alsthom.[6] In 1976, Alsthom merged with Chantiers de l'Atlantique, becoming Alsthom Atlantique. Thus, the business expanded into marine. The next year, it constructed the first 1300 MW generator set for the Paluel Nuclear Power Plant, setting a world record with an output of 1500 MW.
In 1978, Alsthom delivered its first TGV to SNCF. The TGV went on to break world rail speed records in 1981 (at 380 km/h) and in 1990 (at 515.3 km/h). It also set the world endurance record for high-speed train lines in 2001, travelling the 1067.2 km from Calais to Marseille in 3 hours and 29 minutes.In 1986, Alsthom Belfort received an order from EDF for the largest gas turbine in the world (212 MW).
In 1988–89, the holding company, CGEE Alsthom, acquired ACEC Énergie (hydroturbines and electrical equipment for the nuclear industry) and ACEC Automatisme (automation) from the dissolution of the Belgian electrical engineering company Ateliers de Constructions Electriques de Charleroi.Alsthom acquired 100% of ACEC's transport division and renamed it ACEC Transport.[7]
GEC Alsthom (1989–1998)
In early 1989, GEC Alsthom was formed from a 50–50 merger of Alsthom and the Power Systems Division of the British General Electric Company; for Alsthom this move was intended to aid Alsthom in selling its products outside the French market.[8] In May of that year GEC Alsthom bought British rail vehicle manufacturer Metro-Cammell.[9]
During the early-1990s, GEC Alsthom was the principal manufacturer of the British Rail Class 373, a variant of their TGV family specially designed for traversing the Channel Tunnel between the UK and France.Although collectively operated by Eurostar, the type was ordered by three different railway companies: 16 by SNCF, four by NMBS/SNCB, and 18 by British Rail, of which seven were shortened North of London sets.[10] The first Class 373 set was completed at GEC Alstom's Belfort facility during 1992.
Alstom (1999–2014)
In 1999, Alstom bought half of ABB's power systems division, forming a 50-50 joint company known as ABB Alstom Power.Alstom also bought Canada's Télécité, a passenger information and security solutions company, and sold to General Electric its heavy-duty gas turbine business (GE license design)[21][22] The next year, the company bought out ABB's share in the former joint venture ABB Alstom Power.[23]
In 2000, Alstom sold its diesel engine businesses (Ruston, Paxman, and Mirrlees Blackstone) to MAN Group.[24] It also acquired a 51% stake in Italian rail manufacturer
Judicial investigations
Starting in 2009, Alstom's practices were questioned by the United States Department of Justice (DOJ) on the basis that they violated the 1977 Foreign Corrupt Practices Act.This American law has extraterritorial scope.At the time, Alstom seemed to cooperate with the proceedings.[54] In 2010, the DOJ opened an investigation into Alstom's commercial practices, focusing on a 2003 deal in Indonesia valued at $118 million in particular.[55]
On 13 April 2013, Alstom senior executive Frédéric Pierucci was arrested at the John F. Kennedy International Airport in New York.He was accused of willful blindness of his company's suspected corruption and was imprisoned in a high security facility for 14 months and denied release on bail until the week of Alstom's acquisition by the US conglomerate General Electric.[56][57]
Sale of energy businesses to General Electric
On 24 April 2014, unconfirmed reports claimed that US conglomerate General Electric (GE) was in acquisition talks with Alstom for $13 billion with the support of 29%-shareholder Bouygues, causing Alstom's share price to rise 18% in one day.[67] On 27 April, Le Figaro reported that a rival 'cash plus asset swap' offer was issued by Siemens, trading Alstom's power business for part of its rail arm, plus a cash offer as good as GE's and job guarantees.[68][69] Siemens' bid was reportedly promoted by French economic minister Arnaud Montebourg.Siemens and Alstom had a greater product overlap and thus a greater risk to jobs, along with potential issues with EU competition regulators.[69][70]
November 2015 – present
In November 2015, Alstom was awarded a contract by the Indian Railways to construct an electric locomotive factory in Madhepura (Bihar), receiving an initial order of 800 twin-section 9MW locomotives for use on the Eastern Dedicated Freight Corridor, valued at ₹190 billion (about US$2.9 billion).This factory was to be operated under a joint venture with the Ministry of Railways (26%) at a cost of ₹13 billion (roughly US$200 million).[100]
In September 2015, it was announced that Amtrak would award Alstom a contract for $2.5 billion for the next generation high-speed train sets for the Northeast Corridor.This would result in the creation of 750 jobs across upstate New York with 400 direct manufacturing jobs at Alstom.[101] The order for 28 Avelia Liberty trainsets was officially confirmed in August 2016 by Amtrak.[102] These trainsets are manufactured at Alstom's plant in Hornell, New York.[103]
Attempted merger with Siemens Mobility
On 26 September 2017, Alstom announced a proposal to merge with Siemens Mobility, the rolling stock division of German conglomerate Siemens; this merger was promoted as the creation of "a new European champion in the rail industry".[112] The combined rail business, which was to have been reportedly named Siemens Alstom and headquartered in Paris, would have $18 billion U.S. in revenue and employ 62,300 people in more than 60 countries.[113] During November 2018, the European Commission voiced its concerns surrounding the proposed merger of the two companies, particularly that the combined entity would be too dominant in the European market; alleged impacts from such dominance included potential increases in passenger fares and cargo fees.Furthermore, a series of popular protests concerning the financial reforms of both the French territorial railway infrastructure and SNCF occurred.[114]
The proposed merger was viewed by some as a measure to counter the rise of rival Chinese rail business CRRC
Acquisition of Bombardier Transportation
In mid-February 2020, Alstom announced that it had signed a Memorandum of Agreement to buy Bombardier Transportation, the multinational train maker headquartered in Berlin, Germany for between €5.8 billion and €6.2 billion. The deal required the approval by Alstom shareholders at a meeting to be held in October 2020 and approval by European regulators. Bombardier's major shareholder, Caisse de dépôt et placement du Québec, had already agreed to the sale.[120][121]
In July 2020, it was announced that the EU competition authorities had approved the purchase.To finish the deal, Alstom had to sell the Alstom DDF factory based in France, a regional train division, a Bombardier facility in Germany, and a Bombardier trains division.The company also had to provide guarantees and pass on some of Bombardier's assets.[122]
The merger between Alstom and Bombardier was completed on 29 January 2021.[123]
2024 debt restructuring
Alstom plans in 2024 to issue €1.75 billion of shares and bonds to reduce its debt, which was at risk of a credit downgrade into junk bond status.[124]
2024 sale of American rail signaling business
In September 2024, Alstom completed the sale of its American rail signalling business to Knorr-Bremse for $690 million.[125]
2025 agreement with Virgin Trains
In August 2025, Alstom closed an agreement with Virgin Trains for 12 new high-speed Avelia Stream trains.The trains will be part of Virgin's new £700 million service across western Europe, including through the Channel Tunnel.[126]
Products
Alstom Transport develops and markets a complete range of systems, equipment, and service in the railway industry. The division had annual sales of €5.5 billion in 2013.[127] It is one of the world's largest manufacturers of high-speed trains, tramways and metros, electrical and diesel trains, information systems, traction systems, power supply systems, and track work. The company also operates in the rail infrastructure market, designing, producing, and installing infrastructure for the rail network. These include information solutions, electrification, communication systems, track laying, station utilities, as well as workshops and depots. Maintenance, rebuilding, and renovation services are also provided by the company. Alstom Transport operates in 70 countries and employs 26,000 people.[128]
Notable products includes series production of the TGV high-speed trains with over 650 trainsets sold over 25 years, as well as the London Underground 1995 Stock, London Underground 1996 Stock, British Rail Class 390 and AGV.[129]
Since a merger with General Railway Signal in 1998, Alstom has been manufacturing railway signaling equipment at a former GRS factory located in a suburb near
Former businesses
Power generation
Alstom power activities were collectively called Alstom Power Systems and included the design, manufacturing, services, and supply of products and systems for the power generation sector and industrial markets. The group covered most energy sources, including gas, coal, nuclear, hydro, wind. Power Systems provided components for power generation including boilers, steam turbines, and gas turbines, wind turbines, generators, air quality control systems, and monitoring and control systems for power plants, as well as related products. It had a special focus on boilers and emissions control equipment.
Power Systems also provided services such as product retrofitting for nuclear and fossil steam turbines and refurbishment of existing power plants. It performed maintenance and servicing under long-term agreements for its own turbines, as well as those manufactured by GE and Siemens.
In Russia, the company serviced nuclear equipment under a joint agreement with Atomenergomash and provided technology transfer for a project of floating nuclear power plants.[139] In Brazil, Alstom, together with Bardella, ran a joint venture called Indústria Metalúrgica e Mecânica da Amazônia to build hydroelectric power plants throughout the Amazon and Latin American regions.In India, Alstom had a joint venture with Bharat Forge
Financial information
Alstom was listed on the London, New York and Paris Stock Exchanges when it was floated on 22 June 1998.[142] Following the financial reconstruction in 2003, the company remained listed on the Paris Stock Exchange, but was delisted from the London Stock Exchange on 17 November 2003 and the New York Stock Exchange in August 2004.[143][144]
In 1994, GEC Alsthom acquired a 51% shareholding in Linke-Hofmann-Busch from Salzgitter AG.[12] In 1995, the company acquired the remaining shares in the steam turbine manufacturer MAN Energie.[13] In early 1998, GEC Alsthom acquired the electrical contractor Cegelec, renaming it Alstom Power Conversion.[14]
In 1998, GEC Alsthom bought Italian firm SASIB's rail signalling subsidiary Sasib Railways,[15][16] which included the former General Railway Signal (USA).[17][18]
In June 1998, GEC Alsthom was listed on the Paris Stock Exchange; both GEC and Alcatel elected to sell off part of their stakes (23.6% each).Around this time, the company was officially renamed Alstom.[19][20]
By 2003, Alstom was facing a financial crisis caused by a mix of poor sales and over $5 billion of debt liabilities. It reportedly had the potential to force the company's liquidation. These heavy debts were largely due to a $4 billion charge over a design flaw in a turbine developed by ABB, acquired by Alstom in 2000, as well as the collapse of customer Renaissance Cruises amid a general downturn in the marine market.Alstom's share price had dropped by 90% over two years.[27][28] The European Commission objected to a €3.2 billion rescue plan involving the French state; European Union competition law bans most state aid without EC permission.This was obtained, but required Alstom to sell several of its subsidiaries, including its shipbuilding and electrical transmission assets.[29]
In 2004, the French state took a 21% stake in Alstom for €772 million and Alstom received an EU-approved bailout worth in total €2.5 billion.[30] The company sold its electrical transmission and distribution ("grid") activities to Areva, the diesel locomotive manufacturer Meinfesa to Vossloh, and Alstom Power Rentals to APR LLC.In 2010, Alstom re-acquired the electric power transmission division of Areva.[31][32]
In 2005, the former Metro-Cammell rail vehicle works in Washwood Heath closed.[33] In the same year, Alstom sold its Australian subsidiary, Alstom Transport Australia and New Zealand, to United Group, which became part of the latter's UGL Rail division.[34][35] Alstom would restart its manufacturing operations in Australia by the early 2010s.[36]
In 2006, Alstom sold its Marine Division to the Norwegian group Aker Yards, with a commitment to retain 25% of the shares until 2010; it also sold Alstom Power Conversion, which became Converteam, in a leveraged buy-out deal funded by Barclays Private Equity France SAS.[37]
In June 2006, Bouygues acquired the French government's 21% holding in Alstom for €2 billion.[38] Later that year, Bouygues elected to increase its shareholding in the firm to 24%.
In 2007, the TGV POS set the world speed record for rail vehicles of 574.8 km/h.In March, Alstom acquired Power Systems Manufacturing LLC (Florida, USA) a manufacturer of gas turbine components from Calpine Corporation for $242 million.[39] In June, Alstom acquired the Spanish wind turbine manufacturer Ecotècnia, renamed as Alstom Ecotècnia (since 2010 Alstom Wind). The company also adopted a new graphic chart (logo, corporate identity) using "alstom" as its trading name, reserving "Alstom SA" for legal documents.
In 2009, Alstom acquired a 25% stake in the Russian locomotive manufacturer Transmashholding.[40][41] Six years later, Alstom decided to increase its shareholding in Transmashholding to 33% at a reported cost of €54 million.[42] As a consequence of an alignment agreement between Transmashholding and another entity, LocoTech-Service, Alstom's stake in the former decreased to 20% in August 2018.[43]
In 2011, Alstom and the Iraqi government signed a memorandum of understanding regarding the construction of a new high-speed rail line between Baghdad and Basra.[44]
In 2012, Alstom opened construction of factories at Sorel-Tracy, Quebec, Canada (passenger rail vehicles).[45] After a consortium of Alstom (Alstom Wind), EDF, and DONG Energy was awarded three major French offshore wind farm contracts, the company initiated construction of factories at Cherbourg-en-Cotentin (turbine blades in association with LM Power, also wind turbine towers) and Saint-Nazaire (Nacelles and generators).[46]
Also in 2012, the company formed a joint venture with RusHydro to manufacture hydropower equipment for small and medium power hydropower plants (up to about 100 MW).[47]
Late in 2012, to further the development of its tidal energy business, Alstom acquired Tidal Generation Ltd from Rolls-Royce, however this was later sold to GE in 2015 as part of the sale of Alstom's energy business.[48][49]
In November 2013, Alstom announced it planned to raise €1 to €2 billion through sale of some non-core assets, plus the possible sale of a stake in Alstom Transport, and cut 1,300 jobs.[50][51] In 2014, Alstom sold its steam auxiliary components activities (air preheaters and gas-gas heaters for thermal power, other industrial heat transfer equipment, and grinding mills) to Triton Partners for €730 million.[52]
In November 2014, Alstom was awarded a $429.4 million contract to modernise 85 trains for the Mexico City Metro system.[53]
Judicial investigations
Starting in 2009, Alstom's practices were questioned by the United States Department of Justice (DOJ) on the basis that they violated the 1977 Foreign Corrupt Practices Act.This American law has extraterritorial scope.At the time, Alstom seemed to cooperate with the proceedings.[54] In 2010, the DOJ opened an investigation into Alstom's commercial practices, focusing on a 2003 deal in Indonesia valued at $118 million in particular.[55]
On 13 April 2013, Alstom senior executive Frédéric Pierucci was arrested at the John F. Kennedy International Airport in New York.He was accused of willful blindness of his company's suspected corruption and was imprisoned in a high security facility for 14 months and denied release on bail until the week of Alstom's acquisition by the US conglomerate General Electric.[56][57] In late 2014, Alstom was fined $772 million by the DOJ, and admitted guilt under the Foreign Corrupt Practices Act in relation to bribes paid to obtain contracts in various countries.[58][59]
In mid-2014, Alstom Network UK was charged by the UK Serious Fraud Office (SFO) in relation to corruption offences alleged to have been committed when obtaining transportation contracts in India, Poland and Tunisia, covered under sections 1 of the Prevention of Corruption Act 1906 and Criminal Law Act 1977.[60] Further charges were brought in late 2014 by the SFO in relation to corrupt practices used to obtain energy contracts in Lithuania.[61] Additional charges relating to contracts for the Budapest Metro in Hungary were added in April 2015.[62] In December 2018, three executives of Alstom were found guilty of conspiracy to corrupt following an investigation by the SFO into allegations of several Lithuanian politicians and officials being offered bribes in return for securing contracts.[63]
In February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements.[64][65] Alstom has been listed on the database in light of its involvement in activities related to "the provision of services and utilities supporting the maintenance and existence of settlements" and "the use of natural resources, in particular water and land, for business purposes".[64][65] On 5 July 2021, Norway's largest pension fund KLP said it would divest from Alstom together with 15 other business entities implicated in the UN report for their links to Israeli settlements in the occupied West Bank.[66]
In late 2014, Alstom was fined $772 million by the DOJ, and admitted guilt under the Foreign Corrupt Practices Act in relation to bribes paid to obtain contracts in various countries.
In mid-2014, Alstom Network UK was charged by the UK Serious Fraud Office (SFO) in relation to corruption offences alleged to have been committed when obtaining transportation contracts in India, Poland and Tunisia, covered under sections 1 of the Prevention of Corruption Act 1906 and Criminal Law Act 1977.[60] Further charges were brought in late 2014 by the SFO in relation to corrupt practices used to obtain energy contracts in Lithuania.[61] Additional charges relating to contracts for the Budapest Metro in Hungary were added in April 2015.[62] In December 2018, three executives of Alstom were found guilty of conspiracy to corrupt following an investigation by the SFO into allegations of several Lithuanian politicians and officials being offered bribes in return for securing contracts.[63]
In February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements.[64][65] Alstom has been listed on the database in light of its involvement in activities related to "the provision of services and utilities supporting the maintenance and existence of settlements" and "the use of natural resources, in particular water and land, for business purposes".[64][65] On 5 July 2021, Norway's largest pension fund KLP said it would divest from Alstom together with 15 other business entities implicated in the UN report for their links to Israeli settlements in the occupied West Bank.[66]
Siemens' offer was characterised as "defensive", being skeptically received by investors and analysts.
On 29 April, Reuters reported that Alstom's board had accepted a €10 billion bid by GE for its energy division;[72] In a letter from GE executive Jeffrey R. Immelt to President François Hollande published in Les Echos, Immelt gave assurances about continued investment in Alstom's French activities, the security of the civil nuclear sector, and on job commitments made by Alstom Wind, whilst making its wind activities available to investors.[73] On 30 April, Alstom confirmed that an offer for its power and grid divisions (representing an equity value of €12.35 billion, €11.4 billion enterprise value) was under review with key interests including the French state.[74] On 30 April, GE confirmed it had made a $16.9 billion offer, comprising a $13.5 billion value plus $3.4 billion cash.[75] On 5 May, GE offered to buy one-fourth of the shares in Alstom's Indian power and distribution companies – Alstom T&D India and Alstom India – at 261.25 and 382.20 rupees a share (value US$278 million and $111 million respectively) subject to its bid for Alstom SA being successful.[76]
On 5 May 2014, the French government stated it did not back GE's bid, citing concerns on the future of Alstom's rail division as a smaller separate entity, suggesting that GE transfer its own rail division to Alstom; other concerns were over the civil nuclear field's national independence, and French jobs.[77] On 14 May, France issued a decree (Décret n° 2014-479 du 14 mai 2014.), nicknamed "décret Alstom", extending to power of the state to veto the takeover of "strategic interests" into areas of energy supply, water, transport, telecoms and public health.Both the French employer organisation MEDEF and the European Commissioner for Internal Market and Services (Michel Barnier) responded negatively to the decree.[82][83]
On 16 June, Siemens and Mitsubishi Heavy Industries (MHI) submitted a competing offer for Siemens to acquire Alstom's gas turbine activities for €3.9 billion while MHI would form joint ventures with Alstom, acquiring 40%, 20% and 20% stakes in Alstom's steam and nuclear, electrical grid, and hydroelectric businesses respectively, for €3.1 billion.The proposal included an offer to buy a further 10% stake from shareholder Bouygues and an option to form a rail transport joint venture.[84] On 19 June, GE revised its bid, matching the same price with a lower cash transaction value; it also proposed forming a joint venture of their renewable, electric grid, steam turbine and nuclear power businesses.GE announced a memorandum of understanding between the two firms in the rail sector and the sale of GE's rail signalling unit to Alstom.[85] On 20 June, Siemens and MHI modified their bid, with MHI increasing its stake in Alstom's steam, hydro, and grid businesses to 40% in all three (total €3.9 billion) while Siemens increased its offer by €400 million to €4.3 billion.[86] Subsequently, Economy minister Arnaud Montebourg stated he would block both bids, but the French government backed GE's offer and had given GE more specifications on commitments and guarantees; it also intended to buy two-thirds of Bouygues' shareholding (20%).[87] The next day, Alstom's board backed GE's revised bid.[88][89] On 22 June, the French state agreed terms with Bouygues, buying a 20% stake in Alstom from Bouygues at a 2–5% discount on a minimum value of ≈€35 per share.[90][91][92]
Initially, the acquisition was expected to be finalised by early 2015.[90] In early 2015, the EU Competition Commission began examining the deal.[93] Both EU and US competition regulators approved the deal by September 2015, subject to the divestiture of Alstom's large and very large gas turbine (GT26 and GT36 models) manufacturing and service business; and its GE7FA gas turbine aftermarket parts subsidiary business, ''Power Systems Mfg.LLC'' (PSM), to another company, Ansaldo Energia.[94][95]
The sale of Alstom's energy division to GE was finalised on 2 November 2015; the final valuation being €12.4 billion, of which €9.7 billion was transferred to Alstom, the remainder being reinvested in GE/Alstom joint ventures plus other corrections. The acquired businesses were reorganised within GE's existing power generation business (GE Power & Water) as GE Power.The remainder of Alstom Group, including GE Signalling (acquired via a €700 million deal), refocused on rail transport.[96][97][98] Due to the acquisition, GE accrued $17.3bn of goodwill, consisting of Alstom's negative book value of $7.2bn at the time of acquisition and the $10.1bn purchase price.In October 2018, GE wrote-off $23bn from the value of its power industry division, largely attributed to the Alstom purchase.[99]
In March 2016, a joint venture of Alstom and Gibela began construction of a new 60000 m2 train building factory in Dunnotar, outside of Johannesburg, South Africa.Initial orders for the factory included 580 X'Trapolis Mega passenger trains for Passenger Rail Agency of South Africa under a €4 billion contract that was awarded in 2013.[104]
In September 2016, Alstom announced it was to cease locomotive manufacturing at its Belfort (France) site by 2018 due to low orders; remaining production activity was to be transferred to its facility of Alstom DDF in Reichshoffen, Alsace.[105] However, during October 2016, the French state placed an order of about €650 million for 15 TGV Euroduplex trains; an order for 20 locomotives; plus an order for 30 intercity trains to be built at Reichshoffen.Together, these orders were sufficient to prevent the Belfort plant's closure in the short to medium term.[106][107]
In June 2017, Alstom opened the largest train modernisation facility in the UK at Halebank on the outskirts of Liverpool.Initial work involved the repainting of the Class 390 Pendolinos.[108][109]
On 12 November 2024, Alstom announced on their official website that the first of 35 fully automated Metropolis trains has been delivered to Taiwan.The four-car stainless-steel train can carry up to 700 passengers, including 108 seated, with speeds up to 100 km/h.[110]
In September 2025, Alstom was awarded a $1,066m (NZD) contract to build and maintain 18 new battery trains New Zealand BEMU class electric multiple unit in Wellington. The trains will be built in India. The trains will arrive in NZ in around 2029 and enter service in 2030.[111]
Attempted merger with Siemens Mobility
On 26 September 2017, Alstom announced a proposal to merge with Siemens Mobility, the rolling stock division of German conglomerate Siemens; this merger was promoted as the creation of "a new European champion in the rail industry".[112] The combined rail business, which was to have been reportedly named Siemens Alstom and headquartered in Paris, would have $18 billion U.S. in revenue and employ 62,300 people in more than 60 countries.[113] During November 2018, the European Commission voiced its concerns surrounding the proposed merger of the two companies, particularly that the combined entity would be too dominant in the European market; alleged impacts from such dominance included potential increases in passenger fares and cargo fees.Furthermore, a series of popular protests concerning the financial reforms of both the French territorial railway infrastructure and SNCF occurred.[114]
The proposed merger was viewed by some as a measure to counter the rise of rival Chinese rail business CRRC; it reportedly received support from many figures within both the French and German governments.[115] The transaction, which was originally due to close by the end of 2018, was met with opposition by French trade union officials who voiced their concerns that such a merger would have the potential for job losses.[116] On 17 July 2018, Alstom shareholders overwhelmingly approved the proposed merger with Siemens.[117] On 6 February 2019, the planned merger between the two companies was vetoed by the European Commission.[118] In response to this ruling, Alstom's Chief Executive Officer Henri Poupart-Lafarge stated that he viewed the decision to block the merger was a result of "ideological prejudices".[119]
Acquisition of Bombardier Transportation
In mid-February 2020, Alstom announced that it had signed a Memorandum of Agreement to buy Bombardier Transportation, the multinational train maker headquartered in Berlin, Germany for between €5.8 billion and €6.2 billion. The deal required the approval by Alstom shareholders at a meeting to be held in October 2020 and approval by European regulators. Bombardier's major shareholder, Caisse de dépôt et placement du Québec, had already agreed to the sale.[120][121]
In July 2020, it was announced that the EU competition authorities had approved the purchase.To finish the deal, Alstom had to sell the Alstom DDF factory based in France, a regional train division, a Bombardier facility in Germany, and a Bombardier trains division.The company also had to provide guarantees and pass on some of Bombardier's assets.[122]
The merger between Alstom and Bombardier was completed on 29 January 2021.[123]
2024 debt restructuring
Alstom plans in 2024 to issue €1.75 billion of shares and bonds to reduce its debt, which was at risk of a credit downgrade into junk bond status.[124]
2024 sale of American rail signaling business
In September 2024, Alstom completed the sale of its American rail signalling business to Knorr-Bremse for $690 million.[125]
2025 agreement with Virgin Trains
In August 2025, Alstom closed an agreement with Virgin Trains for 12 new high-speed Avelia Stream trains.The trains will be part of Virgin's new £700 million service across western Europe, including through the Channel Tunnel.[126]
; it reportedly received support from many figures within both the French and German governments.
The transaction, which was originally due to close by the end of 2018, was met with opposition by French trade union officials who voiced their concerns that such a merger would have the potential for job losses.
In response to this ruling, Alstom's Chief Executive Officer Henri Poupart-Lafarge stated that he viewed the decision to block the merger was a result of "ideological prejudices".
After the merger with GE signaling the manufacturing was transferred to Missouri, and GRS factory kept engineering the GRS legacy products.
Since 2002, Alstom has manufactured the Pendolino tilting train, following the acquisition of Fiat Ferroviaria.
The company also produces Citadis trams; in 2007, over 1,100 Citadis trams were in use by 28 cities including Dublin, Algiers, Barcelona, Melbourne, Rotterdam and Paris.[130]
Between 2007 and 2010, the company produced 1,002 R160A New York City subway cars at its manufacturing plant in Hornell, New York, while the body shells were built at their Lapa plant, in São Paulo, Brazil.In 2013, Alstom was awarded the contract to supply 168 coaches to Chennai Metro at a cost of inr 14700000000.The company also owns the tender for supplying coaches to Kochi Metro.In September 2015, it was announced in Hornell, New York, by Senator Charles Schumer (D-NY) that Amtrak will be awarding Alstom a contract for $2.45 billion for the next-generation high-speed train sets for the Northeast Corridor.This would result in the creation of 750 jobs across upstate New York with 400 direct manufacturing jobs at Alstom.[131][132] The new trainsets will be able to reach speeds up to 186 mph (300 km/h) and feature active tilting technology. The 28 new train sets were scheduled to enter service by 2023,[133] but only 14 of the 28 have been built as of Spring 2025.The first five trainsets entered service on August 28, 2025.[134]
Next-generation high-speed trains under development by Alstom are the Avelia family: ETR 675, Avelia Horizon and Avelia Liberty.
Alstom has developed a ground-level power supply (alimentation par le sol - APS) system for use with buses and other vehicles.[135] The system has been tested for compatibility with snow plows and for safety under exposure to snow, ice, salting, and saturated brine.[136] The eRoadMontBlanc project is set to trial Alstom's electric road system on the public road RN205[137] on trucks and other vehicles in the Rhône-Alpes region between 2024 and 2027.This is anticipated to be the first public electric road in France.[138]
Electric road
Alstom has developed a ground-level power supply (alimentation par le sol - APS) system for use with buses and other vehicles.[135] The system has been tested for compatibility with snow plows and for safety under exposure to snow, ice, salting, and saturated brine.[136] The eRoadMontBlanc project is set to trial Alstom's electric road system on the public road RN205[137] on trucks and other vehicles in the Rhône-Alpes region between 2024 and 2027.This is anticipated to be the first public electric road in France.[138]
In 2015, the entire power sector was taken over by General Electric.
Alstom Grid
A third business section based on power transmission was formed on 7 June 2010 with the acquisition of the transmission business of Areva SA. The division manufactures equipment for the entire chain of electrical power transmission, including ultra-high voltage transmission lines (both AC and DC). Alstom Grid is headquartered at La Défense, the business district west of Paris, and has four main businesses: electrical transmission system products, power electric system, automation, and service.Alstom Grid has roughly 10% of the global market share.[141]
In 2015, the grid division was taken over by General Electric and renamed as GE Grid Solutions.
7.Sources: Une nouvelle division des ACEC cédée à la CGE archives.lesoir.be, 11 January 1989, retrieved 26 March 2012Guy Depas. ACEC archives.lesoir.be, 1 December 1998, retrieved 26 March 2012Les ACEC vendent archives.lesoir.be, 12 January 1989, retrieved 26 March 2012Beatrice Delvaux. La reprise du ferroviaire archives.lesoir.be, 7 January 1989, retrieved 26 March 2012^
8.International Directory of Company Histories (1994)^
9.GEC swallows Metro-Cammell Railway Gazette International July 1989 page 457^
