Significant breakthrough in the Asian market
Significant breakthrough in the Asian market Cardo wins order worth SEK 200 million for brake systems for high-speed trains in South Korea Cardo's business area Rail will supply the complete brake systems for new high-speed trains in South Korea. The order is worth slightly more than SEK 200 million and relates to equipment for 34 trains. The client is a consortium consisting of three South Korean car builders. "This order, which is one of the biggest ever for Cardo, marks a significant breakthrough in the large Asian market," says Cardo's president and CEO Kjell Svensson. The new high-speed trains are being built by a consortium consisting of the three South Korean car builders Daewoo Heavy Industries, Hanjin Heavy Industries and Hyundai Precision and Industries. The end customer is KHRC, the government authority in South Korea responsible for operation of the high- speed trains. The trains, which will run between Pusan and Seoul, are based on the same technology as is used in the TGV trains in France. The TGV technology was developed by the French Alstom Transportation Group, which also has overall responsibility for engineering in the South Korean project. The brake systems will be delivered over a three-year period beginning in the year 2000. Production will take place both at Cardo Rail's subsidiary in France and locally in South Korea. Cardo Rail is a business area in the Cardo group and one of the world's largest manufacturers of brake systems for rail vehicles. Marketing is conducted under the SAB WABCO, BSI, Davies & Metcalfe and Gutehoffnungshütte Radsatz trademarks. Malmö, Sweden, May 3 1999 Cardo AB (publ) For further information, please contact: Kjell Svensson, President and CEO, phone +46 40 35 04 53, +46 40 35 04 00 Sven-Erik Persson, Executive Vice President, phone +46 40 35 04 50, +46 40 35 04 00 Christer Roskvist, Head of Public Relations, phone +46 40 35 04 25, +46 40 35 04 00 Cardo is an international engineering group with a turnover of more than SEK 9 billion. Cardo holds a strong position in the markets for doors, pumps and rail-vehicle brake systems. Cardo has subsidiaries in about 30 countries with the focal point resting in western Europe, and roughly 7,400 employees. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/05/03/19990503BIT00320/bit0001.doc http://www.bit.se/bitonline/1999/05/03/19990503BIT00320/bit0002.pdf