- Successful completion of Chinese joint venture rail acquisition part owned by Lloyd’s Register Group in China
- Ricardo Rail continues to grow its international footprint into the important Chinese rail market
Ricardo plc has confirmed today that, following Chinese government approval, the transfer of a small rail joint venture (JV) owned by Lloyd’s Register Group and CCS in China is now complete. This now concludes the transfer of the Lloyd’s Register Rail business to Ricardo.
“The Ricardo Rail business is performing well across its existing international footprint and with the addition of the Chinese JV, we are now well placed to maximize our position in this fast-growing and increasingly important rail market,” commented Ricardo plc CEO Dave Shemmans. “I would also like to extend a warm welcome to the former CCS LR JV employees who have today joined the Ricardo family.”
“China is an important rail market, having built the world’s largest high speed rail network over the last 15 years,” added Ricardo Rail managing director Paul Seller. “Almost 20,000 kilometres of new high speed lines carry 800m passengers per year – half of the total high speed rail traffic in the world. A key focus for the rail sector now is on urban transit systems with approvals or construction already started in over 80 cities. The export market, particularly across South East Asia, will also become increasingly important to its domestic equipment manufacturers.”
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