China trainmakers CNR, CSR clinch $7.3 billion in deals

Mon Jan 26, 2015 5:16am EST
 
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SHANGHAI (Reuters) - China CNR Corp Ltd 601299.SS 6199.HK and CSR Corp 601766.SS 1766.HK, China's two top trainmakers, recently signed deals worth 45.41 billion yuan ($7.26 billion) with Chinese and foreign firms.

CSR said on Monday it signed 14 deals worth 21.11 billion yuan, including the sale of electric trains and maintenance contracts, equivalent to 21.6 percent of its 2013 revenue.

CNR signed 30 contracts worth a total of 24.3 billion yuan, which involved high-speed trains, urban subways and electric vehicles, equivalent to about 25 percent of its 2013 revenue, it said on Sunday.

CNR's deals included the confirmation of a 4.1 billion yuan subway contract with the Massachusetts Bay Transportation Authority, which it announced in October.

Both companies did not provide details on when the deals were signed.

The two state-backed firms plan to merge to create a $26 billion company able to compete with the likes of Germany's Siemens and Canada's Bombardier for global rail deals.

($1 = 6.2535 Chinese yuan renminbi)

(Reporting by Engen Tham and Brenda Goh; Editing by Edwina Gibbs and Anupama Dwivedi)

 
A group of people travel 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