Wabtec Takes Over Locomotive Assembly Plant in Kazakhstan
American Company Wabtec Acquires Full Ownership of Locomotive Assembly Plant in Kazakhstan
The American company Westinghouse Air Brake Technologies Corporation (Wabtec) has acquired full ownership of the locomotive assembly plant in Kazakhstan, as reported by Railway Supply on February 18. This acquisition comes after Wabtec acquired another 50% stake in the locomotive assembly plant for $81 million from October to December last year. Previously, the company held a 50% stake in partnership with Transmashholding, the Russian engineering and train manufacturer.
The move follows the signing of memorandums of understanding in Kazakhstan last November. Upon completing all outlined transactions, Wabtec anticipates profits totaling $2 billion from equipment supplies to Kazakhstan. Kazakhstan Temir Zholy (KTZ) national railway company plans to upgrade 15% of its locomotive fleet by borrowing $900 million from American Citibank to purchase 240 Wabtec locomotives.
This acquisition marks a significant development in the railway industry in Kazakhstan, with Wabtec gaining full control of the locomotive assembly plant and securing future equipment supplies to the country. With plans for fleet upgrades and a substantial investment from the national railway company, this acquisition sets the stage for further development and expansion in the railway sector in Kazakhstan.
