Siemens Lands $780 Million Deal from Russia
Germany’s Siemens (NYSE:SI) has won new train orders from Russia valued at 600 million euros ($780 million) for high speed trains.
The diversified manufacturer said Monday the contract calls for delivery of eight Velaro RUS high-speed trains, which can travel up to 155 miles per hour, to Russia’s railway operator RZD starting in 2014.
The deal includes a 30-year maintenance agreement.
The trains, which will each have 10 carriages and carry up to 600 passengers, will shuttle people between Moscow and St. Petersburg, which is a popular route in Russia and has seen an increase in demand.
The additional trains are expected to double the capacity of the RZD high-speed fleet, which will be made up exclusively of Siemens trains.