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August 24, 2016

Jilin Midas wins aluminium-alloy contracts for high-speed and metro trains in China

Subsidiary of Midas Holdings Jilin Midas Aluminium Industries (Jilin Midas) has won two supply contracts worth RMB53.8m ($8m) from rail customers in China to be equipped on its high-speed and metro trains.

A subsidiary of Midas Holdings, Jilin Midas Aluminium Industries (Jilin Midas) has won two supply contracts totalling RMB53.8m ($8m) for high-speed and metro train projects in China.

A RMB34.6m ($5.2m) contract has been awarded by CRRC Tangshan to supply aluminium alloy extrusion profiles and fabricated parts for the CRH380B high-speed trains. Delivery of these components is scheduled to be completed this year.

Worth RMB19.2m ($2.9m), the other contract will see Jilin Midas provide aluminium-alloy extrusion profiles for the Haerbin Metro Line 1, with delivery scheduled between 2016 and 2017.

"A RMB34.6m ($5.2m) contract has been awarded by CRRC Tangshan to supply aluminium alloy extrusion profiles and fabricated parts."

Midas' executive director and CEO Patrick Chew said: "The latest high-speed rail and metro train contract wins underscore our proven track record and the quality of our products and services.

"The Haerbin metro train project also marks our successful entry into a new geographical market in the PRC, further augmenting Midas’ market leadership position.

“Moving forward, we will continue to take advantage of the positive industry outlook to push forward with business development efforts and seize market opportunities both in China and regionally.”

A manufacturer of aluminium-alloy extrusion products for the passenger rail transportation sector in China, Midas has a 32.5% stake in Nanjing SR Puzhen Rail Transport, an associate firm engaged in the manufacturing and sale of metro trains, bogies, and related parts.

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