Corporate News Blog - GE to Supply 100 Locomotives as Part of Agreement with Egypt’s Ministry of Transportation and Egyptian National Railways
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LONDON, UK / ACCESSWIRE / June 20, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for General Electric Co. (NYSE: GE), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GE. On June 17, 2017, General Electric and the Ministry of Transportation (MoT) and Egyptian National Railways (ENR) announced the signing of a Letter of Intent for the supply of GE locomotives as well as a 15-year agreement for parts and technical support. The deal is valued over $575 million. This is GE's largest ever investment in Egypt and would allow the Company to play an important role in the development and growth of Egypt's rail infrastructure. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The signing event was graced by the presence of various political and government representatives from Egypt and US, which reflected the significance and importance of the event. Some of the most important dignitaries present included: Egypt's Prime Minister Sherif Ismail; H.E. Dr. Sahar Nasr, Minister of Investment & International Cooperation in Egypt; H.E. Dr. Hesham Arafat, Minister of Transportation in Egypt; Medhat Shousha, Chairman of ENR, H.E.; US Ambassador Robert Beecroft, US Ambassador in Egypt; and John Rice, Vice Chairman of GE and President and CEO of GE's Global Growth Organization.
Commenting on the momentous occasion, John Rice said:
"What is exciting about this partnership is its truly holistic nature. We are working with the MoT and ENR on the entire process – from ensuring a competitive financing solution with partners to the manufacture and technical support for the locomotives, and the training and development of engineers."
Medhat Shousha, Chairman of Egyptian National Railways added:
"Together with GE, we will work on enhancing the efficiency of rail transportation for both freight and passengers. Additionally, the parts and technical support agreement will ensure that the performance of our fleet is maintained over the years."
Jamie Miller, CEO of GE Transportation commented:
"Today, ENR's fleet includes roughly 80 GE Evolution Series locomotives to move people and goods critical to Egypt's economy. With this agreement, we will help the region improve its rail infrastructure and bring products to market faster and more efficiently."
Details of the Letter of Intent
As per the agreement signed, GE Transportation will supply 100 GE ES30ACi Light Evolution Series Locomotives to ENR that can be intermittently used for passenger and freight trains. GE ES30ACi Light Passenger Evolution Series Locomotives are equipped with a 12-cylinder, 3,200 horsepower GE Evolution Series engine. The locomotive delivers high power output to enable enhanced productivity and flexibility in heavy haul operations, as well as enhanced reliability.
The agreement includes a 15-year deal for the supply of parts and providing technical support for GE locomotives in ENR's new and existing fleet. GE will also impart technical training to more than 275 ENR engineers and employees to improve their technical capabilities and skills.
GE has been partnering with Egypt over the last four decades. GE is already providing latest technologies and solutions that play a vital role in improving the various sectors in Egypt like transportation, aviation, oil & gas, power, and healthcare. The current agreement only builds and strengthens GE's existing long partnership with MoT and ENR.
About GE Transportation
GE Transportation is a division of the General Electric Company and is a global technology leader and supplier of equipment, services, and solutions to the rail, mining, marine, stationary power and drilling industries. The unit has four business verticals: Digital Solutions, Locomotives & Services, Mining & Digital Mining, Marine, and Stationary & Drill Solutions. GE Transportation is based in Chicago, Illinois, and has a global team of approximately 10,000 employees.
The current agreement showcases GE Transportation's efforts to improve its global presence and market penetration. It also highlights the Company's capabilities to meet demands of international customers' and capitalize on global growth opportunities for continued success in the future.
About Egyptian National Railway (ENR)
Egyptian National Railway is one of the largest economic institutions in Egypt and the Arab world. It is the backbone of passenger transport in Egypt and serves 500 million passengers annually and transports 6 million tons of goods annually. It has a total rail network of 9,570 km in length. It currently has a total of 820 locomotives that include 80 new GE locomotives with a capacity of 4,000 HP.
Last Close Stock Review
On Monday, June 19, 2017, the stock closed the trading session at $28.80, marginally down 0.69% from its previous closing price of $29.00. A total volume of 30.18 million shares have exchanged hands. General Electric's stock price advanced 4.80% in the last one month. The stock is trading at a PE ratio of 26.62 and has a dividend yield of 3.33%. At Monday's closing price, the stock's net capitalization stands at $250.96 billion.
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