China’s two rail­way gi­ants merge

China Daily (Canada) - - NEWSCAPSULE -

China’s two rail­way ve­hi­cle man­u­fac­tur­ers, CNR Corp and CSR Corp will merge into one con­glom­er­ate.

Over the last three years, CNR and CSR of­ten found them­selves com­pet­ing against each other for over­seas or­ders. Though the Chi­nese train mak­ers were rarely un­der­bid by com­peti­tors from Ger­many, France, Canada and Ja­pan, they of­ten had to bat­tle each other with lower prices to win in­ter­na­tional con­tracts.

CSR and CNR to­gether once con­trolled China’s en­tire high­speed rail mar­ket. They have pro­duced about 80 per­cent of cargo trains in China and the majority of sub­way trains.

CSR will is­sue shares to CNR’s share­hold­ers to com­plete the merger. The new company, which will in­herit all the as­sets, li­a­bil­i­ties, busi­nesses, staff, con­tracts, cer­tifi­cates as well as all other rights and obli­ga­tions of the two com­pa­nies, will be named CRRC Corp Ltd. (Photo 4)

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