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Wabtec Wins Major Locomotive and Services Deal from Egyptian National Railways
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Wabtec has signed a contract with the Egyptian National Railways to supply 100 ES30ACi Evolution Series locomotives and a multi-year service agreement. This deal, funded by the European Bank for Reconstruction and Development, supports Egypt's modernization of its rail infrastructure. The locomotives are designed for fuel efficiency and high performance in extreme conditions. With this purchase, Wabtec will have over 300 locomotives in ENR's fleet, emphasizing the company's long-standing partnership with Egypt.
Positive
Contract for 100 ES30ACi locomotives enhances Wabtec's market position.
Multi-year service agreement ensures ongoing revenue stream.
Partnership with Egyptian National Railways strengthens ties in the region.
Negative
None.
Order includes 100 locomotives and multi-year service agreement to support Egypt’s rail infrastructure needs
PITTSBURGH--(BUSINESS WIRE)--
Wabtec (NYSE: WAB) signed today contracts with Egyptian National Railways (ENR) to supply 100 ES30ACi Evolution Series Locomotives, as well as a multi-year service agreement to maintain the fleet. The agreement supports ENR’s continued modernization effort by providing the latest, fuel-efficient locomotives needed for the growing demands on Egypt’s rail infrastructure. The locomotive supply contract is funded by the European Bank for Reconstruction and Development.
To celebrate the agreement, several dignitaries from the Ministry, ENR and Wabtec attended a signing ceremony including: H.E. Kamal El Wazir, Minister of Transport; Engineer Mostafa Abu El Makarem, ENR Chairman; and Gökhan Bayhan, Wabtec’s Senior Vice President for Russia/CIS, Europe, Middle East and North Africa.
“This order underscores the commitment by the Ministry of Transportation and Egyptian National Railways to provide world-class passenger service,” said Bayhan. “These locomotives will provide the quality, performance and reliability needed to meet the needs of Egypt’s rail network. With this agreement, we will help Egyptian National Railways move passengers and products faster and more efficiently.”
Deputy Chief of Mission for the United States Embassy in Cairo, Nicole Shampaine said: “We are thrilled to see this important deal, evidence of the close U.S.-Egypt economic partnership. U.S. firms, like Wabtec, deliver value, efficiency, and reliability to Egypt as the country modernizes its rail system, and pursues its sustainable development strategy of ‘Vision 2030.’ We look forward to continued collaboration with the Ministry of Transport on future projects to modernize Egypt’s growing transportation sector.”
The ES30ACi Locomotive is a double-cab locomotive delivering best-in-class fuel efficiency, lowest total cost of ownership, and high performance in high temperature environments. It will be equipped with a 12-cylinder, 3,300 horsepower Evolution Series engine, AC traction technology, individual axle control, and dynamic brakes.
Wabtec has been a committed partner in Egypt for more than 40 years. With this deal, the company will have over 300 locomotives in ENR’s fleet. This agreement builds on our longstanding partnership with the Ministry of Transportation and ENR. The company will deliver the locomotives to ENR in 2023.
About Wabtec
Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. The company has approximately 27,000 employees located at facilities in 50 countries throughout the world. Visit Wabtec’s website at: www.wabteccorp.com.
About Egyptian National Railways
Egyptian National Railway is one of the largest economic institutions in Egypt and the Arab world and is the largest in the area of transport services (passengers and goods). It's considered the backbone of passenger transport in Egypt.
