Germany's Knorr-Bremse and OJSC Federal Freight signed incorporation documents of their joint venture Knorr-Bremze 1520 LLC, Federal Freight informed.
The new joint venture will produce hi-tech brake equipment for the railway sector in Russia and the CIS countries. The incorporation documents were signed at Federal Freight's HQ in Moscow.
The joint venture will be located in Tver region where construction of a production plant almost 16 thousand square meters in area already started. The construction will meet the world standards and draw on Knorr-Bremse's experience accumulated at production facilities in 25 countries worldwide. The production plant is expected to be launched in mid 2014 and to reach the rated capacity by late 2015. The enterprise will create about 400 new jobs. The founders will invest RUB 1.02 billion in 2013-2014.
Russia already manufactures some of Knorr-Bremse's wide product range in demand at the markets in Russia and CIS countries. In the medium term, the partners will considerably expand the existing product range and locate production at the Tver enterprise. One of the joint venture's flagship products will be brake control valves for the freight rolling stock in use across the Area 1520. Besides, the joint venture will produce disk type brakes, oil-free compressor units etc.
To ensure compliance with the railway equipment safety requirements, Knorr-Bremse adjusted these products for operation under severe weather conditions with temperatures down to -60 C°.
According to the founding partners, the joint venture Knorr-Bremze 1520 will produce a systemic impact on the railway transportation sector and Russia's economy as a whole, offering, among others, the following benefits: safer transportation; higher efficiency, upgrade opportunities, lower life-cycle costs and less repair for the rolling stock; development of competition and economic incentives for Russian manufacturers, putting foreign high technologies to work in the Russian market, lower dependence on imported products, new jobs and higher specialist training standards.
The corporate group Knorr-Bremse manufactures brake systems for railway and commercial motor vehicles.
OJSC Federal Freight (previously known as Freight Two, a subsidiary of OJSC Russian Railways, tax number: 6659209750) started its economic activities in 2010. The company lends its rolling stock for transportation purposes, provides forwarding and other services. Federal Freight is operating 14 branches all over the Russian railway network and two representative offices in Kazakhstan and Ukraine.
According to the information and retrieval system DataCapital, net profit (RAS) of the company for 2011 increased 8-fold to RUB 14.874 billion from RUB 1.79 billion for 2010. Revenue increased 11 times to RUB 42.254 billion from RUB 3.861 billion in 2010. GP increased almost 8-fold to RUB 18.809 billion from RUB 2.392 billion, sales profit 7-fold to RUB 17.161 billion from RUB 2.317 billion, pre-tax profit 8-fold to RUB 18.649 billion from RUB 2.335 billion.
AK&M "M&A Market"
"AK&M", 12.02.2013 13:54
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