GE Transportation Acquires 50% Stake in Lokomotiv Kurastyru Zauyty Joint Venture & Invests in Kazakhstan National Railway’s...
April 12 2017 - 10:42AM
Business Wire
GE Transportation (NYSE: GE) announced today it has completed
the purchase of a 50 percent interest in locomotive manufacturer
Lokomotiv Kurastyru Zauyty (LKZ) from Kazakhstan’s national railway
company, KTZ.
“We have been working with GE Transportation for more than ten
years and, during this time, produced over 300 Evolution Series
locomotives,” said Kanat Alpysbayev, President of KTZ. “These
locomotives, which are built locally, are used on Kazakhstan’s
railways and operated throughout the CIS region. We look forward to
furthering GE Transportation’s presence in the region.”
“Kazakhstan has a strategic plan for its railroad to support
economic growth and increased regional trade, and today’s
announcement underscores GE’s commitment to working with KTZ
to ensure that Kazakhstan’s rail infrastructure remains modern and
reliable,” said GE Transportation President and CEO Jamie
Miller. “We are excited to become a shareholder of LKZ and
look forward to driving continued infrastructure improvements
across the country, and bringing the most advanced locomotive
technology to the CIS region.”
Lokomotiv Kurastyru Zauyty (LKZ) was formed in 2009.
It was a 50:50 joint venture between KTZ and Russia’s
largest rail equipment producer, Transmashholding (TMH). LKZ
manufactures GE Evolution Series locomotives for freight and
passenger transportation in Kazakhstan and the broader CIS
region.
Today’s announcement demonstrates GE’s long-term commitment to
support the region’s sustainable development by bringing global
expertise, localized advanced technologies, and investments in
manufacturing.
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, utilize Predix – GE’s cloud-based operating
system for the Industrial Internet. Established more than a century
ago, GE Transportation is a division of 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.
About Lokomotiv Kurastyru Zauyty
Lokomotiv Kurastyru Zauyty JSC manufactures and markets
locomotives, including single-unit mainline freight locomotives
with AC/AC electric transmission and axial regulated traction. It
serves state and private railways in Kazakhstan, Tajikistan,
Turkmenistan, Azerbaijan, Estonia, Mongolia, and other countries in
the CIS region. The company was founded in 2009 and is based in
Astana, Kazakhstan.
About "NC "Kazakhstan Temir Zholy"
JSC "National company "Kazakhstan Temir Zholy" (Kazakhstan
Railways), part of Kazakhstan’s Samruk-Kazyna sovereign wealth
fund, is the largest transportation and logistics company in the
CIS region, managing railways, ports, and airports, as
well as transportation and logistics centers. The company
provides a full range of multimodal services, and its strategy
is aimed at further integrating Kazakhstan into
international transportation networks to increase
traffic and strengthen the country’s
position as a global commerce and transit hub. JSC
"NC "KTZ" is one of Kazakhstan’s core strategic assets
and a key pillar
of the region’s economic growth.
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version on businesswire.com: http://www.businesswire.com/news/home/20170412005739/en/
GE Transportation Media:Mailee
GarciaMailee.garcia@ge.com312-259-6544
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