GE Transportation acquires 50% stake in Lokomotiv Kurastyru Zauyty joint venture and invests in Kazakhstan National Railway’s Growth
CHICAGO and ASTANA, KAZAKHSTAN, April 12, 2017 — GE Transportation (NYSE: GE) announced today it has completed the purchase of a 50 percent interest in locomotive manufacturer Lokomotiv Kurastyru Zauyty (LKZ) from Kazakhstan’s national railway company, KTZ.
“We have been working with GE Transportation for more than ten years and, during this time, produced over 300 Evolution Series locomotives,” said Kanat Alpysbayev, President of KTZ. “These locomotives, which are built locally, are used on Kazakhstan’s railways and operated throughout the CIS region. We look forward to furthering GE Transportation’s presence in the region.”
“Kazakhstan has a strategic plan for its railroad to support economic growth and increased regional trade, and today’s announcement underscores GE’s commitment to working with KTZ to ensure that Kazakhstan’s rail infrastructure remains modern and reliable,” said GE Transportation President and CEO Jamie Miller. “We are excited to become a shareholder of LKZ and look forward to driving continued infrastructure improvements across the country, and bringing the most advanced locomotive technology to the CIS region.
Lokomotiv Kurastyru Zauyty (LKZ) was formed in 2009. It was a 50:50 joint venture between KTZ and Russia’s largest rail equipment producer, Transmashholding (TMH). LKZ manufactures GE Evolution Series locomotives for freight and passenger transportation in Kazakhstan and the broader CIS region.
Today’s announcement demonstrates GE’s long-term commitment to support the region’s sustainable development by bringing global expertise, localized advanced technologies, and investments in manufacturing.
About GE Transportation
At GE Transportation , we are in the business of realizing potential. We are a global technology leader and supplier of equipment, services and solutions to the rail, mining, marine, stationary power and drilling industries. Our innovations help customers deliver goods and services with greater speed and savings using our advanced manufacturing techniques and connected machines. Our digital solutions , which provide data-driven insights to improve efficiency, utilize Predix – GE’s cloud-based operating system for the Industrial Internet. Established more than a century ago, GE Transportation is a division of General Electric Company that began as a pioneer in passenger and freight locomotives. That innovative spirit still drives GE Transportation today and is strengthened by our ability to serve customers more holistically through the GE Store – a global exchange of knowledge, technology and tools across all GE businesses that ultimately provides better outcomes for customers. GE Transportation is headquartered in Chicago, IL, and employs approximately 10,000 employees.
About Lokomotiv Kurastyru Zauyty
Lokomotiv Kurastyru Zauyty JSC manufactures and markets locomotives, including single-unit mainline freight locomotives with AC/AC electric transmission and axial regulated traction. It serves state and private railways in Kazakhstan, Tajikistan, Turkmenistan, Azerbaijan, Estonia, Mongolia, and other countries in the CIS region. The company was founded in 2009 and is based in Astana, Kazakhstan.
About "NC "Kazakhstan Temir Zholy"
JSC "National company "Kazakhstan Temir Zholy" (Kazakhstan Railways), part of Kazakhstan’s Samruk-Kazyna sovereign wealth fund, is the largest transportation and logistics company in the CIS region, managing railways, ports, and airports, as well as transportation and logistics centers. The company provides a full range of multimodal services, and its strategy is aimed at further integrating Kazakhstan into international transportation networks to increase traffic and strengthen the country’s position as a global commerce and transit hub. JSC "NC "KTZ" is one of Kazakhstan’s core strategic assets and a key pillar of the region’s economic growth.