GE Transportation Lands GE’s Largest Deal in Ukraine
February 23 2018 - 9:00AM
Business Wire
GE Transportation (NYSE:GE) signed a $1 billion framework
agreement in Ukraine, marking a major milestone in the country’s
efforts to modernize its transportation infrastructure and
strengthen its position as a key European rail hub and trade
corridor. The agreement, which is the largest ever for GE in the
country, includes the supply of 30 GE Evolution Series freight
locomotives to Ukrainian Railways, as well as additional locomotive
kits over 10 years, the rehabilitation of locomotives in the
railway’s legacy fleet, and long-term maintenance services.
Ukrainian President Petro Poroshenko presided over the signing
ceremony alongside Rafael Santana, President & CEO of GE
Transportation.
“We’re happy that negotiations with GE progressed very quickly,
wrapping up in just five months and leading to an unprecedented
agreement,” said Yevgen Kravtsov, acting Chairman of the Board of
Ukrainian Railways. “After many years of inactivity, this project
will launch a large-scale modernization of Ukrainian Railway’s
locomotive fleet. In addition to addressing Ukraine’s needs for
greater capacity, this strategic partnership with GE will provide a
powerful impetus to further develop domestic manufacturing.”
Locomotive production is planned to commence in the U.S. in
early 2018, with the first deliveries slated for this fall. In
addition, certain work will be localized in Ukraine to further
bolster job creation and economic development in the country.
“This deal demonstrates our expanding global customer base and
is a promising step forward in our relationship with Ukrainian
Railways, which can serve as a catalyst in attracting international
financing and accelerating economic growth in Ukraine,” said Rafael
Santana, President & CEO of GE Transportation. “We appreciate
the continued trust and support of our partners in Ukraine,
including the Ministry of Infrastructure, UkraineInvest, the Office
of the National Investment Council, and Ukreximbank. With this
agreement, GE will play a larger role in helping the region improve
its rail infrastructure and bring products to market faster and
more efficiently.”
Today’s announcement opens the next chapter in GE’s more than
80-year history of successful cooperation in Ukraine, reaffirming
the company’s commitment to help modernize infrastructure, enhance
energy security, increase access to high-quality healthcare, and
support sustainable development.
The TE33A locomotives feature a 12-cylinder, 4,500-horsepower GE
Evolution Series engine, delivering high power output, enhanced
productivity, greater flexibility, lower lifecycle costs, and
improved reliability in heavy-haul operations. Compared to the
legacy Ukrainian fleet, the TE33A can significantly reduce harmful
emissions, economize on fuel and oil costs, and increase time
between maintenance overhauls.
About GE Transportation
At GE Transportation, we move the world and improve the
world. We are a global technology leader and supplier of equipment,
services and solutions to the rail, mining, marine, stationary
power and drilling industries. Our innovations help customers
deliver goods and services with greater speed and savings using our
advanced manufacturing techniques and connected machines.
Our digital solutions, which provide data-driven insights to
improve efficiency, leverage Predix – GE’s cloud-based
operating system for the Industrial Internet. Established more than
a century ago, GE Transportation is a division of the General
Electric Company that began as a pioneer in passenger and
freight locomotives. That innovative spirit still drives GE
Transportation today and is strengthened by our ability to serve
customers more holistically through the GE Store– a global
exchange of knowledge, technology and tools across all GE
businesses that ultimately provides better outcomes for customers.
GE Transportation is headquartered in Chicago, IL, and employs
approximately 9,000 employees worldwide.
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version on businesswire.com: http://www.businesswire.com/news/home/20180223005367/en/
GE Media Contact:Deia Campanelli,
773-297-0482deia.campanelli@ge.com
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