ASTANA – The American company Westinghouse Air Brake Technologies Corporation (Wabtec) has acquired full ownership of the locomotive assembly plant in Kazakhstan, the Railway Supply reported on Feb. 18.
Photo credit: smkz.kz
From October to December last year, Wabtec acquired another 50% stake in the locomotive assembly plant for $81 million.
Previously, the company held a 50% stake in partnership with Transmashholding, the Russian engineering and train manufacturer.
This 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.
