Midas subsidiary to supply aluminium-alloy extrusion profiles to Ural Locomotives

20 March 2013 (Last Updated March 20th, 2013 18:30)

Midas Holdings subsidiary Jilin Midas Aluminium Industries (Jilin Midas) has secured a €22.7m contract to supply aluminium alloy extrusion profiles to Ural Locomotives.

Midas Holdings subsidiary Jilin Midas Aluminium Industries (Jilin Midas) has secured a €22.7m contract to supply aluminium alloy extrusion profiles to Ural Locomotives.

The equipment, which is scheduled to be delivered from 2013 to 2019, will be used in the production of 100 five-car electric train sets for commuter passenger services in Russia.

Ural Locomotives is a joint venture between Siemens and the Russia-based Sinara Group formed in 2010 to manufacture electric locomotives in Verkhnyaya Pyshma near Yekaterinburg, Russia.

Midas chief executive officer Patrick Chew said: "This contract from Ural Locomotives is significant as it is our first international contract this year and an affirmation that our diversification strategy and efforts in growing our international markets are bearing results."

"The equipment will be used in the production of 100 five-car electric train sets for commuter passenger services in Russia."

Russian Railways (RZD), the Sinara Group and Siemens signed an agreement in November 2012 to increase the production of new-generation electric locomotives manufactured by Ural Locomotives.

RZD has been operating Granit 2ES10 locomotives from Ural Locomotives and under the €2.5bn November deal with Siemens and Sinara it intends to buy 675 two-section cargo electric locomotives between 2016 and 2020.

Midas produces aluminium alloy extrusion products for train manufacturing customers, including China South Locomotive & Rolling Stock Corporation and China CNR Corporation, as well as international customers, such as Alstom Transport, Siemens and Bombardier Transportation.

Midas also holds a 32.5% stake in Nanjing SR Puzhen Rail Transport (NPRT), which is involved in the development, manufacturing and sale of metro trains, bogies and other related parts.