China train maker CNR says secures 30 deals worth $3.9 billion

Sun Jan 25, 2015 7:32pm EST
 
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SHANGHAI (Reuters) - China CNR Corp Ltd 601299.SS 6199.HK, one of the country's top train makers, said on Sunday it had recently signed 24.3 billion yuan ($3.9 billion) of deals with both Chinese and foreign firms.

The 30 contracts involve high-speed trains, urban subways and electric vehicles, and are equivalent to about 25 percent of CNR's 2013 revenue, it said in a statement. CNR did not provide details on when the deals were signed.

They included a 4.1 billion yuan ($658 million) subway deal with the Massachusetts Bay Transportation Authority, which Reuters reported in October.

CNR plans to merge with CSR Corp Ltd (601766.SS: Quote) (1766.HK: Quote), another of China's top state-owned train makers, which will create a $26 billion company able to compete with the likes of Germany's Siemens and Canada's Bombardier for global rail deals.

(Reporting by Engen Tham; Editing by Edwina Gibbs)

 
A handrail hangs in one of the 45 new train wagons that were bought from China's CNR, in a Buenos Aires' subway station February 14, 2013.  REUTERS/Enrique Marcarian