Turkey, Austria to build rail switch factory
Turkey and Austria will construct a rail switch factory in the Turkish central province of Cankiri, the semi-official Anatolia news agency reported Monday.
A joint venture by Turkish State Railways Administration (TCDD), Turkey's Kardemir company and Austria's steel company Voestalpine will be set up, with 51 percent of its shares held by Voestalpine, 34 percent to Kardemir and 15 percent to the TCDD, the agency said.
The factory will make rail switch products to meet the demand in Turkey and export 10 percent of its overall output, it reported.
"Our aim is to make Cankiri a center in the world where best switch systems are manufactured and a center of worldwide railway systems," Voestalpine's executive Dieter Fritz was quoted of saying, Xinhua reported.
About 150 people will be employed by the joint venture company Vademsas by the end of this year, Fritz said.
The construction of the factory is expected to be completed in two years, according to the report.