Bombardier inks $405M Spanish train pact
Last Updated: Thursday, December 31, 2009 | 10:14 AM ET
The Canadian Press
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Bombardier Inc. has received an order from Spain's national rail operator to maintain a fleet of high-speed trains for 14 years, the transportation equipment maker announced Thursday.
RENFE will pay $917 million US to Bombardier and Spanish railway vehicle maker Talgo to maintain the new trains. Bombardier's share of the contract comes to $405 million US.
The maintenance activities will take place at RENFE's depots in Spain with work expected to begin in 2010.
Bombardier will be responsible for the preventive and corrective maintenance of the train power-heads, power supply, signalling and propulsion system and auxiliaries.
The trains that will be maintained are currently being manufactured by Bombardier in association with Talgo.
Bombardier is no stranger to Spain's railway industry, and employs more than 600 people at various sites in the country. The AVE 102 and AVE 103 high speed trains and the Madrid Barajas airport people mover are among its key projects in the region.
Its B shares advanced three cents to $4.83 on the Toronto Stock Exchange in early trading Thursday.
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