Wabtec and La Compagnie du TransGuinéen Sign a $700 Million plus Rail Services Agreement

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Postmedia has not reviewed the content. by Business Wire Wabtec and La Compagnie du TransGuinéen Sign a $700 Million plus Rail Services AgreementAuthor of the article:Contract supports locomotive fleet serving the Simandou mining projectWabtec now provides more than $1.2 billion in locomotives and services to the projectTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWabtec Corporation (NYSE: WAB) today announced a more than $700 million long-term services agreement with La Compagnie du TransGuinéen (CTG) to support its fleet of new Evolution Series locomotives. The agreement is Wabtec’s largest services contract in Africa and combined with the 2024 locomotive orders brings its total value to more than $1.2 billion for the Simandou project.CTG’s over 600-kilometer railway connects the Simandou mine to the Port of Morebaya, forming a critical transportation corridor for one of the world’s largest untapped reserves of high-grade iron ore, as well as passengers and non-mining goods. The project represents one of the most significant infrastructure investments in Guinea’s history and is intended to support long-term economic growth and development throughout the country.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Wabtec is proud to support the Simandou project, which we believe represents a transformative opportunity for Guinea. We are committed to ensuring the reliable operation of the railway to help unlock its full economic potential,” said Sameer Gaur, President, Global Freight Services for Wabtec. “This agreement is designed to help maximize locomotive availability, efficiency, and reliability, while supporting the development of local capabilities through workforce development, skills training, and partnerships with Guinean businesses.”This multi-year customized services agreement is designed to support CTG’s unique operational requirements and long-term fleet strategy. The scope includes scheduled and unscheduled maintenance, parts and components overhauls, parts management, logistics support, training, advanced remote diagnostics, and a strong localization component.The services will support CTG’s fleet of Wabtec ES43AC locomotives, powered by 4,500-horsepower Evolution Series engines. Built for demanding operating environments, the locomotives deliver exceptional fuel efficiency, high reliability, and proven performance in extreme temperatures, including the challenging conditions of eastern Guinea.“The TransGuinean Railway is one of Africa’s most significant rail infrastructure projects, and operating it successfully requires world-class technology and support, as well as a clear commitment to localization and technology transfer,” said Mamoudou Nagnalen Barry, Chairman of the TransGuinéen Company.“This agreement is intended to support the long-term performance of the locomotive fleet as we work to build a railway designed to contribute to economic growth and development across Guinea. It also highlights Guinea’s vision to build win-win partnerships with American companies, in the country’s ambition to grasp the best technologies from all over the world,” added Bouna Sylla, Minister of mine and geology of Guinea.Wabtec Corporation is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine, and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve an efficient rail system in the U.S. and worldwide. Visit Wabtec’s website at http://www.wabteccorp.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the U.S. securities laws, including statements regarding the expected benefits of the long-term services agreement with CTG, the anticipated operational outcomes for the TransGuinean Company’s railway, the expected economic benefits for Guinea, and the potential impact of the agreement on Wabtec’s financial performance. Forward-looking statements concern future circumstances and results and are sometimes identified by words such as “designed to,” “intended to,” “committed to,” “will,” “expected” or other similar words or expressions. Forward-looking statements are based upon current plans, assumptions, estimates and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, risks associated with the execution of multi-year service contracts in international and emerging markets; unexpected costs, charges or delays, including supply chain disruptions affecting the availability of parts and components; the ability to recruit, train and retain skilled personnel necessary to perform the services, including local workforce development in Guinea; changes in general economic and/or industry specific conditions; and other risk factors as detailed from time to time in Wabtec’s reports filed with the Securities and Exchange Commission, including those described under “Risk Factors” in Wabtec’s most recent Annual Report on Form 10-K. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law.View source version on businesswire.com: Wabtec Media ContactTim Bader+1 682-319-7925tim.bader@wabtec.comWabtec Investor ContactKyra Yates+1 817-349-2735kyra.yates@wabtec.comThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.