Hyundai Rotem and Knorr-Bremse Conclude Strategic Long-Term Platform Agreement
24 September 2008
Knorr-Bremse has concluded a platform agreement for braking systems with the Korean rolling stock manufacturer, Hyundai Rotem, for an initial period of five years. During this period, Knorr-Bremse will supply brake equipment for at least 1,500 cars, representing an order volume of around €70 million.
For several years now, Knorr-Bremse has held best partner status with Hyundai Rotem and this agreement is the second long-term commitment that links the two companies. The first agreement was signed in 2006 and covered six major projects worth almost €30 million.
The official signing of the agreement took place yesterday on the Hyundai Rotem booth at the Innotrans fair in Berlin, the world's leading international trade fair for rail vehicle technology. The agreement was signed on behalf of Hyundai Rotem by Mr. Yeo-Sung Lee, executive vice chairman and CEO, and Mr. Sang-Kil Lee, senior executive vice president and CEO. On behalf of Knorr-Bremse, it was signed by Dr. Dieter Wilhelm, a member of the Knorr-Bremse AG executive board, and Dr. Albrecht Köhler, a member of the Knorr-Bremse Systeme für Schienenfahrzeuge GmbH executive board.
Hyundai Rotem is Korea's number one rail vehicle supplier and E&M system provider. To date, the company has produced a total of some 35,300 vehicles and exports to more than 27 countries in five continents. With a strong presence in Asia, Hyundai Rotem is also strengthening its foothold in American and European markets, and is advancing into the ranks of the top three global rolling stock suppliers.
The Knorr-Bremse Group is the world’s leading manufacturer of braking systems for rail and commercial vehicles. For more than 100 years, the company has pioneered the development, production and marketing of state-of-the-art braking systems. Other lines of business include automatic door systems, rail vehicle air conditioning systems and torsional vibration dampers for internal combustion engines. In 2007, the Group posted sales of €3.25 billion and employed a workforce of some 14,000.
