Posts tagged ‘Siemens’

28/10/2014

China trainmakers CSR, CNR in talks to merge – state media | Reuters

China’s top trainmakers, China CNR and CSR Corp, are in merger talks to create a giant able to compete globally with the likes of Siemens and Bombardier, state media reported on Tuesday.

A handrail hangs 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

China built the world’s longest high-speed train network in less than a decade and has expressed its desire to export its technology. The two state-owned firms however have fiercely competed against each other while trying to sell trains abroad.

The official China Securities Journal, citing unidentified sources, said the firms had set up working groups to discuss the integration, and that investment bank China International Capital Corp had been appointed to oversee the reorganisation.

“The heads of CNR and CSR are in agreement on the companies’ integration,” the newspaper quoted an industry source as saying.

“As the State Council is in charge of this, it can be done at great speed and at the moment the biggest concern is related to their projects and personnel changes.”

CNR and CSR halted trading on Monday and subsequently issued statements saying they would resolve “major issues” as soon as possible. Trading would resume within five working days, they added.

The companies did not respond to requests for comment on the Journal report.

Last month, CNR and CSR dismissed a report by financial news magazine Caixin that the government was looking to merge the firms to create a giant that can better compete with foreign rivals such as Germany’s Siemens and Canada’s Bombardier.

A merged CNR-CSR would have combined annual revenue of about 200 billion yuan (20.28 billion pounds) based on 2013 company data, compared with Siemens’ 75.9 billion euros ($96.5 billion) revenue last year and Bombadier’s $18.2 billion (11.28 billion pounds).

Zhuzhou CSR Times Electric, a CSR subsidiary, also suspended trading. CNR is due to report third-quarter results on Wednesday, while CSR is scheduled to report on Friday, according to the Shanghai Stock Exchange.

via China trainmakers CSR, CNR in talks to merge – state media | Reuters.

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21/10/2014

China to pitch high-speed trains to California | Reuters

State-backed China CNR Corporation is making a pitch to sell its high-speed trains to California, signaling China’s growing export ambitions for such technology after building the world’s longest network in just seven years.

A high-speed train travelling to Guangzhou is seen running on Yongdinghe Bridge in Beijing, December 26, 2012. REUTERS/China Daily

It marks the first concrete attempt by China to sell high-speed locomotives abroad and establish itself as a credible rival to sector leaders such as Germany’s Siemens, Canada’s Bombardier and Japan’s Kawasaki.

CNR, its unit Tangshan Railway and U.S.-based SunGroup USA are submitting an expression of interest to California’s $68 billion high-speed rail project for a contract to supply up to 95 trains that can travel as fast as 354 kilometers per hour (221 miles per hour), SunGroup told Reuters.

via China to pitch high-speed trains to California | Reuters.

15/05/2013

* Companies turn to India to boost their business

FT: “Oil company Shell’s technology centre in the Indian high-tech hub of Bangalore is actually a facility in two halves, with a couple of campuses in different locations around the city.

Originally unable to find one suitable site for its growing efforts, the Anglo-Dutch company decided to split the difference, setting up dual facilities, working on everything from next-generation chemicals to underwater modelling.

But now the company plans to bring everything back together, having announced plans late last year to build a giant new research and development campus on a patch of land close to Bangalore’s airport, with room for 1,500 staff, and even plans for a cricket pitch on the grounds.

Shell’s move is part of a pattern in which many of world’s largest companies are turning to India in their search for new ideas that will boost its business, and follows similar moves to open up innovation facilities around Bangalore by the likes of GE, Cisco and Siemens.”

via Companies turn to India to boost their business – FT.com.

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