Siemens, Russian Machines Form JV to Bid for Subway Order
January 31 2014 - 9:43AM
Dow Jones News
By Friedrich Geiger
FRANKFURT--Siemens AG (SIE.XE) and Russian Machines Corp. agreed
Friday to establish a joint venture with the aim of building trains
for Moscow's metro, the German industrial conglomerate said.
Siemens and the Russian engineering group want to bid as joint
partners for a Moscow metro contract. The Russian capital wants to
purchase more than 2,000 cars to modernize its metro fleet.
The joint venture, in which both partners will invest a total of
160 million euros ($217.8 million), is to be based in the region of
Moscow and will employ up to 800 people. The metro contract is
likely to be awarded to a bidder that produces locally, said
Siemens.
Write to Friedrich Geiger at friedrich.geiger@wsj.com
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