Transmashholding
A Russian rail-transport engineering group producing locomotives, passenger and freight rolling stock, metro vehicles, diesel engines, and railway components.
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Overview
Transmashholding, commonly abbreviated as TMH, is a privately held Russian rail-transport engineering and manufacturing group. Established in 2002, it developed into Russia's largest producer of locomotives and railway equipment, with a portfolio spanning electric and diesel locomotives, shunting locomotives, passenger coaches, freight wagons, electric multiple-unit trains, metro cars, diesel engines, marine engines, traction equipment, castings, and maintenance services. Russian Railways is identified as its largest customer, while the group also works with Russian government transport and industrial agencies and has supplied or pursued business in a number of foreign markets. The company is organized around a network of Russian industrial and engineering enterprises. These include the Novocherkassk Electric Locomotive Plant, a major electric-locomotive producer; Bryansk Engineering Plant, which manufactures shunters, freight wagons, and marine diesel engines; Kolomensky Plant, known for diesel locomotives and engines; Demikhovsky Machine-Building Plant, a producer of electric multiple units; Metrovagonmash, which manufactures metro and other rail vehicles; Penza Diesel Engineering; Bezhitsa Steel Foundry; the Oktyabrsky Electric Railway Car Repair Plant; Tsentrosvarmash; Transconverter; the KMT industrial group; Tver Carriage Works; and the electric-locomotive design institute VELNII. The group has also operated or invested in businesses outside Russia, including a production and engineering site in Germany and activities in Argentina and Hungary. TMH expanded partly through technology partnerships and joint ventures. Its cooperation with Siemens included Transconverter, a producer of electrical equipment for railway vehicles. Partnerships with Bombardier Transportation covered engineering and inverter-drive production. Cooperation with Knorr-Bremse addressed railway braking systems. Alstom became a significant technical and financial partner, participating in modernization programs, locomotive development, traction-motor production, and double-deck passenger-coach activities. Alstom increased its holding in TMH's capital structure to 33 percent by the end of 2015, but sold that interest to Russian investors in January 2024. By May 2024, the company was reported as wholly owned by Russian shareholders. The group's international activity has included the acquisition of the Dunakeszi Vehicle Repair Plant in Hungary in 2020 with Magyar Vagon, contracts connected with Egyptian passenger coaches, and the modernization and repair of railway equipment in Argentina. In India, TMH and Rail Vikas Nigam formed the Kinet Railway Systems consortium, which won a contract to supply 200 sleeper trainsets for Indian Railways' Vande Bharat program. TMH's international expansion has therefore combined manufacturing, engineering, repair, concessions, and local partnerships rather than relying only on direct exports. The company has also faced geopolitical and regulatory constraints. A proposed acquisition of Bergen Engines from Rolls-Royce was blocked by the Norwegian government in 2021 on national-security grounds. Ukraine placed TMH on a sanctions list, and the United States Department of the Treasury sanctioned the company in September 2023. These measures, together with the departure of senior shareholder and executive Andrei Bokarev after sanctions in 2022 and Alstom's later exit, have reinforced the group's dependence on Russian ownership and domestic industrial demand. TMH remains an active rail-equipment group, although the available reference material does not establish a single current consolidated product or market strategy beyond its broad role in railway manufacturing, engineering, and service.
History
Transmashholding was established in 2002 as a Russian industrial group focused on railway equipment. It was built around a collection of established railway factories and design organizations rather than a single newly created manufacturing plant. This structure gave the company capabilities across locomotive construction, passenger and freight rolling stock, metro vehicles, diesel engines, railway components, and repair services. Russian Railways became its principal customer, while the group also developed relationships with federal ministries and foreign rail operators. During its early expansion, TMH pursued international technology partnerships to modernize Russian railway manufacturing. In 2005 it formed Transconverter with Siemens to produce high-voltage static converters and related electrical equipment. In 2007, TMH and Bombardier Transportation agreed to establish an engineering center, followed in 2008 by arrangements for jointly owned engineering and industrial companies. These activities were intended to introduce modern traction and inverter technologies into Russian locomotive production. TMH and Knorr-Bremse also agreed in 2007 to create a Russian joint venture for the manufacture, sale, and servicing of railway braking systems in Russia and the Commonwealth of Independent States. Alstom became one of the group's most important strategic partners. The companies signed a cooperation agreement in 2007 and later developed plans for joint production, including double-deck passenger coaches. In 2009, their cooperation was formalized through a 51:49 joint venture for double-deck coaches and a broader modernization and locomotive-development relationship. Alstom acquired 25 percent of TMH's holding company and subsequently increased the stake to 33 percent by the end of 2015. In April 2013, the partners inaugurated a Novocherkassk production site for asynchronous traction motors intended for locomotives developed for Russia and Kazakhstan. The group continued to expand beyond Russia. In Argentina, TMH took control of the Mechita workshops in Bragado after investing approximately US$3 million in concession and refurbishment work in 2017–2018. The site was associated with carriage and locomotive refurbishment, component production, and plans for wider South American railway manufacturing. TMH also participated in the Hungarian acquisition of the Dunakeszi Vehicle Repair Plant in June 2020 with Magyar Vagon. The Hungarian facility subsequently obtained work involving the production of passenger coaches for Egypt and the maintenance and modernization of coaches for Hungarian State Railways. TMH's international strategy also encountered limits. In February 2021, the company was reported to be pursuing the acquisition of Bergen Engines from Rolls-Royce for approximately €150 million. The Norwegian government blocked the transaction on national-security grounds. In India, TMH and Rail Vikas Nigam formed Kinet Railway Systems in 2022 to bid for Vande Bharat sleeper trains. The consortium became the lowest bidder and was awarded a contract for 200 sleeper trainsets, according to the reference material. Ownership changed during the 2010s and 2020s. In 2018, TMH was held through Dutch-registered Breakers Investments B.V.; Alstom held 20 percent in that structure, while companies associated with Iskander Makhmudov, Andrei Bokarev, Dmitry Komissarov, and Kirill Lipa held most of the remainder. Alstom's economic interest had reached 33 percent by the end of 2015, but the company exited by selling its holding to Russian investors in January 2024. By May 2024, TMH was described as entirely Russian-owned. The geopolitical environment materially affected the group. Bokarev left the presidency in April 2022 after sanctions, and Dmitry Komissarov ceased to be a member of the board in October 2023. Ukraine had placed TMH on a sanctions list, and the U.S. Treasury sanctioned the company in September 2023. Despite these constraints, TMH remains active in railway manufacturing and services. Its reported revenue was 103 billion rubles in 2021, while its continuing industrial base includes fourteen Russian engineering and production sites and a site in Germany, together with international investments and projects.
- 2024
Alstom exits the ownership structure
[1]Alstom sells its TMH shareholding to Russian investors; TMH is subsequently described as fully Russian-owned.
- 2022
Kinet Railway Systems wins Vande Bharat sleeper bid
[1]The TMH–RVNL consortium is selected as the lowest bidder for 200 sleeper trainsets.
- 2021
Bergen Engines transaction is blocked
[1]Norway stops TMH's proposed purchase of Bergen Engines on national-security grounds.
- 2020
Dunakeszi vehicle-repair plant acquisition
[1]TMH and Magyar Vagon acquire Hungary's Dunakeszi Vehicle Repair Plant.
- 2017
Mechita concession and refurbishment investment
[1]TMH pays approximately US$3 million for the concession and refurbishment of the Mechita workshops in Argentina.
- 2015
Alstom raises its stake
[1]Alstom increases its holding in TMH's capital structure to 33 percent.
- 2013
Novocherkassk traction-motor facility opens
[1]TMH and Alstom inaugurate a production site for asynchronous traction motors.
- 2009
Alstom partnership is formalized
[1]TMH and Alstom formalize joint production and modernization arrangements, including double-deck passenger coaches.
- 2007
Bombardier engineering cooperation begins
[1]TMH and Bombardier agree to create an engineering center in Russia.
- 2007
Knorr-Bremse braking-systems partnership
[1]The companies agree to create a Russian joint venture for railway braking systems.
Products and positioning
A vertically integrated rail-transport engineering group combining heavy manufacturing, rolling-stock design, component production, repair, modernization, and international railway projects. Its core position is the supply of locomotives and rolling stock to Russian Railways and other public-sector rail operators, supplemented by technology partnerships and overseas projects.
Locomotives
Electric locomotives
TMH produces main-line and industrial electric locomotives through businesses including the Novocherkassk Electric Locomotive Plant. The portfolio includes the 2ES10 and EP20 families, with associated traction, electrical, and control systems developed through domestic engineering and international technology cooperation.
Locomotives
Diesel and shunting locomotives
The group manufactures diesel locomotives for main-line, industrial, and shunting applications. Bryansk Engineering Plant and Kolomensky Plant are among the facilities associated with this activity. The TEM18DM is one of the shunting locomotive offerings identified in the reference material.
Passenger rolling stock
Passenger coaches and double-deck trains
TMH produces locomotive-hauled passenger vehicles and has developed double-deck coach programs with Alstom. Its wider passenger-rolling-stock activity includes production, refurbishment, and modernization work for domestic and overseas railway operators.
Freight rolling stock
Freight wagons and flat cars
The group manufactures freight wagons and flat cars, supported by its Russian industrial plants and steel-casting capabilities. These products form part of TMH's broader supply to railway operators and industrial customers.
Urban rail vehicles
Metro cars and electric multiple units
Metrovagonmash and Demikhovsky Machine-Building Plant support TMH's urban and suburban rail portfolio. The group manufactures metro cars and electric multiple-unit vehicles and has supplied rolling stock to systems including Warsaw Metro and Baku Metro.
Railway and marine power systems
Diesel engines and generator sets
TMH manufactures locomotive, marine, diesel, and gas-generator engines through facilities such as Kolomensky Plant, Bryansk Engineering Plant, and Penza Diesel Engineering. These products extend the group beyond complete trains into railway and industrial power systems.
Components and maintenance
Railway components and services
The group supplies traction equipment, braking-related systems, bogies, steel castings, welded structures, and other rail-vehicle components. It also performs overhaul, repair, refurbishment, and modernization of passenger rolling stock and railway infrastructure.
Marketing campaigns
- 2022Kinet Railway Systems Vande Bharat bid
India
TMH partnered with Rail Vikas Nigam to bid for India's Vande Bharat sleeper-train program through the Kinet Railway Systems consortium.
Outcome. The consortium emerged as the lowest bidder and was awarded a contract for 200 sleeper trainsets.
- 2018Mechita railway workshop revitalization
Argentina · South America
TMH took control of the Mechita workshops in Bragado and pursued a long-term program involving rolling-stock repair, locomotive refurbishment, component production, and possible wider manufacturing in Argentina.
Outcome. The workshops became the base for refurbishment work and an intended regional industrial platform. The full investment plan was conditional on further contracts.
Brand decisions
2024
Alstom sells its TMH shareholdingM&ABackground
Alstom had held a significant interest in TMH after years of industrial cooperation.
Action taken
Alstom sold its shareholding to Russian investors.
Aftermath
Reference material describes Transmashholding as fully owned by Russian shareholders by May 2024.
2021
Proposed acquisition of Bergen EnginesM&ABackground
TMH sought to acquire Bergen Engines from Rolls-Royce in a transaction reported at approximately €150 million.
Action taken
The Norwegian government stopped the proposed sale on national-security grounds.
Aftermath
The acquisition did not proceed, limiting TMH's planned expansion into the Bergen Engines business.
Proposed transaction value. (2021)
2015
Increase Alstom's ownership stakeM&ABackground
Alstom had been a strategic technology and manufacturing partner of TMH since the late 2000s.
Action taken
Alstom increased its holding in Transmashholding's capital structure to 33 percent for approximately €54 million.
Aftermath
The partnership continued through locomotive, traction-motor, and production-modernization activities until Alstom later sold its interest.
Alstom stake purchase. 25% stake → 33% stake (2015)
Sources3 sources
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