China rail brake deal
US rail equipment provider Wabtec has formed a 50-50 joint venture in China to manufacture brake equipment for the Chinese rail market.
The joint venture is owned by Wabtec and Shenyang Locomotive and Rolling Stock Railway Brakes, the largest manufacturer of locomotive and freight car brake equipment in China.
'This investment builds on our existing presence in China, the largest rail market outside North America,' said Albert J Neupaver, Wabtec’s president and chief executive officer.
The joint venture outfit, named the Shenyang CNR Wabtec Railway Brake Technology Company, will produce pneumatic control valves and other braking-related equipment for freight car builders and overhaulers in China.
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