447.89
476.78
4.79

News

Wabtec has become the owner of the locomotive assembly plant LKZ in Kazakhstan

Wabtec has become the owner of the locomotive assembly plant LKZ in Kazakhstan
Фото: railway.supply 19.02.2024 12:55 750

The American company Wabtec now fully controls the shares of the locomotive assembly plant LKZ in Kazakhstan, becoming its sole owner, this is reported by the railway transport news portal Railway Supply.

According to the financial report for October-December of last year, Wabtec acquired an additional 50% of LKZ shares for $81 million.

Iraq: Ambitious Project to Build Unmanned Metro in Baghdad

Previously, the company owned half of the shares in parity with AO Transmashholding (TMH).

This move follows the signing of memorandums of understanding in Kazakhstan in November 2023.

Subject to the completion of all transactions specified in these documents, it is expected that Wabtec’s profit from equipment supplies to Kazakhstan will amount to $2 billion.

In turn, Kazakhstan Temir Zholy (KTZ), the national railway company of Kazakhstan, plans to update 15% of its locomotive fleet, borrowing $900 million from the American Citibank to purchase 240 Wabtec locomotives.

This step strengthens Wabtec’s position in the Kazakhstani market and opens up new prospects for the development of the railway industry in the region.

Share:
Telegram Subscribe to our Telegram channel and be the first to know the news!