Joint venture to set up Turkish turnout plant
TURKEY: An agreement was signed on May 4 under which Voestalpine's VAE Group and local partners will establish a modern turnout factory close to state railway TCDD's existing plant in Cankiri province, central Turkey.
Minister of Transport & Communication Binali Yildirim attended the signing of the joint venture agreement between VAE Group (51%), TCDD (15%) and long steel producer Karabuk Demir Celik Sanayi ve Ticaret (34%).
An initial €10m is being invested in the plant, which will employ 140 people producing turnouts for Turkey's new high speed lines and the modernisation of existing routes.
Specialist turnout manufacturer VAE group currently has 41 production sites in 20 countries, and recorded revenue of €71 0m in 2008-09.