GE's Unit Buys Stake In LKZ, Expands Foothold In Kazakhstan
Zacks Investment Research | Apr 12, 2017 10:19PM ET
GE Transportation, a unit of General Electric Company (NYSE:GE) recently completed the purchase of a 50% stake in Lokomotiv Kurastyru Zauyty (LKZ) from Kazakhstan’s national railway company, KTZ.
Based in Astana, Kazakhstan, LKZ manufactures and markets locomotives. The company serves state and private railways in Kazakhstan, Tajikistan, Turkmenistan, Azerbaijan, Estonia, Mongolia, and other countries in the CIS (Commonwealth of Independent States) region.
GE Transportation has worked with LKZ for over 10 years. The locomotives, built locally are utilized in Kazakhstan’s railways and operated throughout the CIS region. This collaboration will enable General Electric strengthen its foothold in the region. LKZ manufactures General Electric’s Evolution Series locomotives for freight and passenger transportation in the region and the broader CIS region.
This strategic collaboration will also help KTZ improve the regions’ rail infrastructure by providing modern and reliable solutions. General Electric will continue providing infrastructure improvements across the country, by introducing the most advanced locomotive technology across the CIS region.
This collaboration reflects General Electric’s commitment toward supporting the region’s development by bringing localized advanced technologies, global expertise and investments in manufacturing.
General Electric underperformed the Zacks categorized Zacks Investment Research
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