GE Transportation Signs Locomotive and Service Agreements Valued over $900 Million in Kazakhstan
January 17 2018 - 7:00AM
Business Wire
The contract—for 300 shunter locomotives and an
18-year 175 Passenger Evolution service agreement—marks a continued
commitment to Kazakhstan’s rail infrastructure
GE Transportation (NYSE:GE) signed two contracts, valued at over
$900 million, with Kazakhstan’s state-run railroad Kazakhstan Temir
Zholy (KTZ)—the company’s largest international rail customer—as
part of its long-term commitment to develop the country’s railway
infrastructure. The contracts include the delivery of 300 shunter
locomotives and an 18-year service agreement to manage the
maintenance and repair of 175 passenger Evolution™ Series
locomotives.
Shunters are used in rail yards to assemble trains and make
short hauls. The first two shunters are expected to be delivered in
2019, with the remainder to be delivered over the next 10
years.
“We have a long history of successful, effective cooperation
with GE Transportation, and we see great potential to further
develop our strategic partnership,” said Kanat Alpysbayev, Chairman
of KTZ. “We selected GE technology to be the primary driver for
developing Kazakhstan’s rail industry, and together we’ve
introduced joint projects to modernize and service the legacy
diesel-electric fleet, as well as produce new freight and passenger
Evolution Series locomotives in Astana.”
“The agreements, signed during President Nazarbayev’s visit to
the United States, are aimed at further modernizing our rail fleet
and will expand the range of locomotives made in Kazakhstan to
better meet the needs of the domestic market, as well as countries
in the broader CIS and Baltic region,” Alpysbayev added. “In
addition, we are currently working on a number of projects under
our Digital Railway Program, including deploying GE’s Trip
Optimizer to improve the efficiency of freight transportation.”
The agreements are the latest in a long history of collaboration
between GE Transportation and KTZ, which includes: the
delivery of more than 400 modernization kits in 1995 that extended
the revenue-generating life of KTZ’s existing fleet by up to 20
years; the construction of the Evolution Locomotive Assembly plant
in Astana in 2006, where more than 300 freight locomotives and 8
passenger locomotives have been built to-date; and long-term
service deals in 2009 and 2011 for the modernized and Evolution
fleets.
“Our mission is to build economies through innovation and
modernization. Since its independence in the early 90s, Kazakhstan
has demonstrated great economic progress, and GE Transportation is
proud to have been a part of the country’s transformation journey
from the start,” said Rafael Santana, CEO of GE Transportation.
“Our new agreements with KTZ reflect our ongoing commitment to
partner with Kazakhstan to build a world-class rail industry that
serves the region and beyond.”
About GE Transportation
At GE Transportation, we are in the business of realizing
potential. We are a global technology leader and supplier of
equipment, services and solutions to the rail, mining, marine,
stationary power and drilling industries. Our innovations help
customers deliver goods and services with greater speed and savings
using our advanced manufacturing techniques and connected machines.
Our digital solutions, which provide data-driven insights to
improve efficiency, leverage Predix – GE’s cloud-based
operating system for the Industrial Internet. Established more than
a century ago, GE Transportation is a division of the General
Electric Company that began as a pioneer in passenger and
freight locomotives. That innovative spirit still drives GE
Transportation today and is strengthened by our ability to serve
customers more holistically through the GE Store– a global
exchange of knowledge, technology and tools across all GE
businesses that ultimately provides better outcomes for customers.
GE Transportation is headquartered in Chicago, IL, and employs
approximately 10,000 employees worldwide.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180117005432/en/
GE Media Contact:Deia Campanelli,
773-297-0482deia.campanelli@ge.com
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Mar 2024 to Apr 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Apr 2023 to Apr 2024