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This is part of a case series. The case summarizes the history of ALSTOM from its inception to the brink of bankruptcy, charting the failure of initial rescue attempts and the arrival of a new CEO who succeeds in turning around the company. ALSTOM is an example of an entity born from a spin-off of other companies, with a fast competitive need to grow or die but lacking cash, good risk management practices, and a clear strategy. The transition from a public-sector to a private-sector mentality and from a technically-oriented to a business-oriented culture are among the main challenges it faced. This case has been made available free of charge.