General Electric acquires Kazakh locomotive producer
Baku, Azerbaijan, Dec. 27
By Elena Kosolapova – Trend:
General Electric Transportation signed an agreement with Kazakhstan Temir Zholy company (Kazakh railways) to acquire 50 percent share of Kazakhstan’s "Lokomotiv Kurastyru Zauyty" company, said the message from the Kazakh railways.
After completion of necessary procedures Locomotive kurastyru zauty will be owned by General Electric Transportation and Transmashholding on parity basis.
General Electirc Transportation will ensure direct investment in the company’s development, transfer of modern technologies, creating conditions for new production and export expansion.
The sale of the company’s shares will be realized in the framework of the privatization program initiated by the Kazakh president.
"Lokomotiv Kurastyru Zauyty" produces freight and passenger locomotives for Kazakhstan Temir Zholy. The company also exports locomotives to Tajikistan, Azerbaijan, Turkmenistan, Ukraine and Kyrgyzstan.
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