Bombardier Announces That All Conditions Have Been Met
For the Subway Car Project in Mexico City to Proceed
MONTREAL, QUEBEC--APRIL 23, 2003 - 14:56 EST
Bombardier Transportation today announced that
the conditions for its subway car contract with Mexico City's
transit authority, Sistema de Transporte Colectivo-Metro, have
been met. The contract is valued at $761 million Cdn ($478
million US), and Bombardier's share is $508 million Cdn ($319
million US).
The contract, which was announced on October 11, 2002 and signed
by the Bombardier-CAF consortium on October 15, 2002, calls for
the manufacture of 405 new subway cars for STC's Line 2 and was
subject to a number of conditions, including the closing of a
financing package. Negotiations on financing have been completed
and financing agreements executed.
The numerous parties involved in the financing include several
European banks and government agencies such as the Compagnie
francaise d'assurance pour le commerce exterieur (COFACE) in
France, the Compania Espanola de Seguros de Credito a la
Exportacion (CESCE) in Spain, and Export Development Canada
(EDC). The lenders have assisted Bombardier and CAF in winning
this contract by providing competitive financing support to its
customer, STC, and therefore assist Bombardier in maintaining its
position as the main provider of rail passenger cars in Mexico
City.
In North America, Bombardier Transportation is the leader in
high-speed rail, commuter rail, automated rapid transit and
automated guideway transit systems. It also maintains two of the
largest multi-level commuter fleets in Canada and the United
States.
Bombardier Transportation is the global leader in the rail
equipment manufacturing and servicing industry. Its wide range
of products includes passenger rail cars and total transit
systems. It also manufactures locomotives, freight cars,
propulsion & controls and provides rail control solutions.
Bombardier Inc., a diversified manufacturing and services
company, is a world-leading manufacturer of business jets,
regional aircraft, rail transportation equipment and motorized
recreational products. It also provides financial services and
asset management in business areas aligned with its core
expertise. Headquartered in Montreal, Canada, the Corporation has
a workforce of some 75,000 people and manufacturing facilities in
25 countries throughout the Americas, Europe and Asia-Pacific.
Its revenues for the fiscal year ended Jan. 31, 2003 stood at
$23.7 billion Cdn. Bombardier shares are traded on the Toronto,
Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F). |
