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March 21, 2016

Jilin Midas secures contracts worth $38.2m to deliver train car body components

Jilin Midas Aluminium Industries, a subsidiary of Midas Holdings, has secured contracts worth RMB247.7m ($38.2m) from CRRC Changchun Railway Vehicles (CRV) to deliver train car body components for high-speed and metro trains.

By Lopamudra Roy

Jilin Midas Aluminium Industries, a subsidiary of Midas Holdings, has secured contracts worth RMB247.7m ($38.2m) from CRRC Changchun Railway Vehicles (CRV) to deliver train car body components for high-speed and metro trains.

The contracts of RMB217.3m ($33.5m) have been awarded to supply aluminium alloy extrusion profiles and fabricated parts for two types of high-speed trains that run at speeds of up to 250km/h and 350km/h respectively.

Under another contract, worth RMB30.4m ($4.6m), Jilin Midas will provide aluminium-alloy extrusion profiles for Metro Line 17 in Shanghai, China.

Midas CEO Patrick Chew said: "We have been entrusted by CRV to deliver quality products that will be used in the manufacture of high-speed and metro train cars.

"We have been entrusted by CRV to deliver quality products that will be used in the manufacture of high-speed and metro train cars."

"Our success in maintaining close business relationships with top train manufacturers is the result of our comprehensive industry knowledge and strong track record.

"The latest set of contracts also reinforces our presence in China.

"Looking ahead, we will continue to build on relationships with our customers to boost our order book."

Under the contracts, the products are scheduled to be delivered later this year.

Chew added: "We anticipate increased opportunities in the industry as the PRC government supports infrastructure development to improve trade relations with countries in Asia and Europe as part of its One Belt, One Road programme and accelerates its participation in international rail projects."

In August, Jilin Midas secured three contracts worth CNY66.7m ($10.4m) to supply aluminium-alloy extrusion profiles in Singapore and China.

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