Russian Federation : GE, TMH set up 50/50 joint venture.
GE and Russian manufacturer Transmashholding (TMH) have inked an agreement to set up a new 50/50 joint venture.
The agreement is subject to regulatory approvals.
Under the partnership agreement, production of GE Evolution Series diesel engines will be localized from a new facility in Penza, Russia, to support the manufacture of locomotives for Russian Railways (RZD).
According to GE, over US $70 million will go towards the new factory, equipment and training.
Transmashholding has high expectations for the future of this joint project with GE to develop and produce state-of-the-art diesel engines, said Andrey Bokarev, president of Transmashholding.
It will significantly expand our expertise and the range of products we offer to the market. In combination with our existing solutions, we will be able to offer engines to our customers that precisely meet their needs. Its particularly noteworthy that the new venture will produce engines not only for the Russian market, but also for export.
Initially, the annual production of the new facility will be up to 250 engines.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Feb 6, 2016|
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