Industry News in Brief
China CNR Corp raised US$1·2bn selling 1·8 billion shares in a Hong Kong IPO in May. The company had listed in Shanghai in 2009. CBR has also signed a strategic co-operation agreement with Export-Import Bank of China with the aim of increasing its export activities.
On June 6 Wabtec announced the completion of its $220m acquisition of Fandstan Electric Group, including the Brecknell Willis, Stemmann Technik and TransTech brands (RG 3.14 p20). ‘Fandstan Electric fits all of our strategic growth initiatives’, said Wabtec President & CEO Raymond T Betler. ‘Global and market expansion, aftermarket expansion, and new products and technologies.’