Bombardier Inc.
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Bombardier Inc.

September 23, 2016 14:42 ET

Bombardier and China Railway Rolling Stock Corporation Sign Strategic Cooperation Agreement

- Agreement strengthens long-standing relationship between the companies

- Sets the stage for further cooperation on projects in the Chinese and international rail markets

- Allows for greater customer value by leveraging the companies' complementary strengths

MONTRÉAL, QUÉBEC--(Marketwired - Sept. 23, 2016) - Rail technology leader Bombardier Transportation and Chinese rolling stock manufacturer, China Railway Rolling Stock Corporation (CRRC), have signed a strategic agreement to expand and deepen their relationship.

The agreement establishes a framework for the companies to leverage their complementary strengths for selected projects in order to provide additional value to customers, better serve the growing global rail transportation equipment market and support mutual long-term growth objectives. Areas of potential future cooperation include Chinese and international market development and shared manufacturing resources.

The agreement was signed in Montréal by CRRC President Xi Guohua and Alain Bellemare, President and Chief Executive Officer, Bombardier Inc., during Chinese Premier Li Keqiang's state visit to Canada.

"We have been working closely with CRRC since 1998 and are very pleased to have reached this latest milestone in our relationship in order to provide Chinese and global customers a more competitive and broader range of rail transportation solutions," said Alain Bellemare. "Together with CRRC, we are looking forward to delivering greater mobility to the people of China as well as to other countries and cities developing their transportation systems with the latest technologies and shortest time to market."

With six joint ventures and seven wholly foreign-owned enterprises, Bombardier Transportation has a strong presence in China, where it is recognized as the most successful foreign rail transportation company. It has actively participated in the development of China's rail transportation infrastructure and provided world class products. Among the six joint ventures, three have been with subsidiaries of CRRC in China, manufacturing high speed trains, metro trains, monorails and other urban mass transit vehicles. Together, the joint ventures have delivered more than 3,000 high speed railway passenger cars and more than 2,000 metro cars to the Chinese market. This newly-signed strategic agreement is the latest step in strengthening a successful partnership and better supporting the international rail market.

About Bombardier Transportation

Bombardier Transportation is a global leader in rail technology and offers the broadest portfolio in the industry. It covers the full spectrum of rail solutions, ranging from trains to sub-systems and signalling. The company also provides complete transport systems, e-mobility technology and maintenance services. As an innovation driver, Bombardier Transportation continuously breaks new ground in sustainable mobility. It provides integrated solutions that create substantial benefits for operators, passengers and the environment. Headquartered in Berlin, Germany, Bombardier Transportation employs around 39,400 people and its products and services operate in over 60 countries.

About Bombardier

Bombardier is the world's leading manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.

Bombardier is headquartered in Montréal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability North America Index. In the fiscal year ended December 31, 2015, we posted revenues of $18.2 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

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