GE Transportation has signed a USD 18 million contract with Lloyd Electric & Engineering to supply custom designed air-conditioning units for the India Railways Marhowra Locomotive project, manufactured in company’s factory in Bhiwadi, Rajasthan over a period of 11 years. Download the announcement here: lloyd-loco-hvac-contract-from-ge
Lloyd Electric & Engineering Ltd has informed BSE regarding a Press Release dated September 19, 2016, titled “Lloyd Electric & Engineering awarded major India Locomotive HVAC Contract”.
Lloyd Electric gains 3% on order win from GE Transportation
Shares of Lloyd Electric and Engineering added 3.2 percent intraday Tuesday as it has bagged order worth USD 18 million from GE Transportation.
GE Transportation has signed a contract with the company to supply custom designed air-conditioning units for the Indian Railways Marhowra Locomotive project, manufactured in company’s factory in Bhiwadi, Rajasthan over a period of 11 years.
“This project is a significant win for Lloyd Electric & Engineering and builds on existing business between GE Transportation and Noske-Kaeser Rail & Vehicle New Zealand,” as per company release.
At 09:38 hrs Lloyd Electric and Engineering was quoting at Rs 278.10, up Rs 4.40, or 1.61 percent on the BSE.
During January, 2016, Lloyd Electric & Engineering has acquired Noske-Kaesers Rail & Vehicle global business in Germany, New Zealand, Australia, Brazil and the United States. The acquisition enhanced Lloyd’s strength in the rail ‘HVAC’ systems business. Lloyd becomes India’s first rail HVAC Company, having presence the five continents across the globe.
The company has acquired 100% of the assets of Noske-Kaeser Group in Germany through an SPV (Special Purpose Vehicle) formed in Hamburg, Germany. It has also acquired 100% of shares in Noske-Kaeser’s group companies located in New Zealand, Australia, Brazil and the US after carve out of the non-rail & vehicles business.
Lloyd has also acquired exclusive and worldwide rights to use the trademark ‘Noske-Kaeser Rail & Vehicle’ from Noske-Kaeser Group. The company has acquired ‘Noske-Kaeser Rail & Vehicle’ for a total cash consideration of Euro 2,302,000, which includes an upfront payment of Euro 2,001,000 and an earn out of up to Euro 300,000 payable in the next year.
Lloyd Electric & Engineering manufactures air conditioner, coils, radiators (heat exchanger) and light emitting diode (LED) televisions (TVs). The Company’s operating segments include Radiators & Heat Exchanger, OEM & Railways and Consumer Durable Product.