Transport, Firema enters the perimeter of Fs: company branch taken over

An industrial operation in the interest of the country and for the relaunch of rail transport. The Ferrovie dello Stato (Fs) group finalises the purchase of a business unit involving the operating assets of Titagarh Firema, a company active in the design and construction of underground railways and rail vehicles. Established in 2015 after the extraordinary administration of the previous management, Firema now operates based in Caserta, following the acquisition by the Indian group Titagarh (60%) and the support of Invitalia. At stake are strategic supplies: the new trains for the Ferrovie del Lazio railways (Roma-Lido and Roma-Viterbo) and the night carriages for Trenitalia's Intercity trains (70 carriages for an economic value of up to EUR 732.5 million, also financed with Pnrr funds). With this move, Ferrovie dello Stato aims at securing the company in crisis and guaranteeing the internal production of trains, safeguarding jobs and ongoing orders.

In February 2026, the Competition and Market Authority (Agcm) approved the entry of Titagarh Firema into the orbit of FS. In Bulletin No. 6/2025, issued on 9 February, the Authority decided not to open any preliminary proceedings, in effect authorising the transaction. In the reasons for the decision, the Authority points out how the market share held by Firema is marginal both in the national rail service train sector and in that of metropolitan trains. A dimension that, once merged into the Fs perimeter, would not determine distortive effects on competition.

Ferrovie dello Stato reports that the transaction has been concluded for an equity value of EUR 41 million. After the financial difficulties of recent months, aggravated by raw material costs and delays, the public group's intervention aims precisely at overcoming the production bottleneck.

A passage of the Fs note reads: 'Firema's entry into the Fs perimeter, through its subsidiary Fs Fabbrica Italiana Treni, allows for the strengthening of industrial capabilities in the rolling stock sector, with expected benefits in terms of order management, cost control, supervision of critical supplies and production times'.

The Fs-Firema transaction ensures industrial continuity for the assets being acquired, downstream of the reorganisation process started in 2025 as part of the negotiated settlement of the corporate crisis, and enables the stabilisation of technical and production skills. Says Stefano Antonio Donnarumma, CEO of the FS Group: "The acquisition of the Firema business unit is fully part of the vertical integration path outlined in the 2025-2029 strategic plan. The entry of Firema makes it possible to enhance a Made in Italy industrial presence, improve coordination between design and construction, and increase our ability to govern the entire production cycle. The operation,' continues Donnarumma, 'also guarantees industrial continuity for the assets acquired. The FS Group has already completed vertical integration initiatives in the tourism and freight transport sectors, confirming integration along the industrial chain as a strategic lever to strengthen resilience, operational autonomy and competitiveness.