Native name 中国中车股份有限公司 Area served Worldwide Owner CRRC Group (54.18%) Type Public company | Industry Manufacturing Products Rolling stock Founded 1 June 2015 | |
Key people President: Xi Guohua
Chairman: Cui Dianguo Stock price 601766 (SHA) CN¥ 10.27 +0.01 (+0.10%)3 Mar, 3:00 PM GMT+8 - Disclaimer Headquarters Haidian District, Beijing, China Subsidiaries Zhuzhou CRRC Times Electric Co., Ltd. Predecessors China CNR Corporation, CSR Corporation Limited | ||
Crrc corporation limited
CRRC Corporation Limited is a Chinese publicly traded rolling stock manufacturer, formed on 1 June 2015 with the merger of China CNR Corporation and CSR Corporation Limited.
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At inception it had 175,700 employees, and is the largest rolling stock manufacturer in the world.
The parent company of CRRC Corporation is CRRC Group, a state-owned enterprise that was supervised by the State-owned Assets Supervision and Administration Commission of the State Council.
History
China CNR Corporation and CSR Corporation Limited, once one company, were separated in 2000.
In late 2014 CNR and CSR agreed to merge, subject to approval by the Chinese state - under the agreement CSR would formally acquire CNR, and the combined business then be renamed China Railway Rolling Stock Corp (CRRC). Rationals given for the merger were increased efficiency, and the ability to better compete internationally with combined resources.
The merger came into effect 1 June 2015, with each CNR share exchanged for 1.1 CSR shares - the combined company became the largest railway rolling stock manufacturer in the world, and had over 90% of the China market. Total employment of the combine was 175,700 persons, and the share capital was valued at 27,289 million Yuan.
After formation CRRC began efforts to expand overseas: after being awarded a 284 vehicle order for metro cars for Massachusetts Bay Transportation Authority's Red and Orange lines with a $556.6 million bid the company began work on a 13,900 square metres (150,000 sq ft) assembly plant in Springfield, Massachusetts at a former Westinghouse plant, ground breaking on the new plant took place in September 2015.
In mid 2015 production began at a rolling stock plant in Batu Gajah, Perak, Malaysia, a satellite of Zhuzhou Electric Locomotive, and the corporation's first plant outside China. Additionally the former CSR Corporation Limited had acquired Emprendimientos Ferroviarios in Argentina in 2014 and announced in 2016 that they would begin maintenance and production of new rolling stock for export in the country. Argentina had previously purchased a variety of rolling stock from the company over the years, including 704 EMU cars, 81 DMU cars, 44 passenger locomotives, 360 carriages, 107 freight locomotives and 3,500 freight cars, in addition to the 150 200 Series cars for the Subte.
In mid 2015 CRCC formed a freight wagon joint venture Vertex Rail Technologies as a minority partner with private equity backers to establish production in Wilmington, North Carolina at a former Terex facility; the plant was operational by beginning 2016.
In late 2015 Yu Weiping CRRC vice-president stated the company planned to double overseas sales over five years, with North American passenger rail being one target. Interim six month financial results for the new company showed an increase in overseas revenue of over 60%. Half year revenue was 91.8 billion Yuan, with a gross profit of 19.5 billion Yuan. Non rail revenue (car equipment, generators) was 20.94 billion Yuan.
In March 2016 CRRC (CSR Sifang) was awarded a contract to build 400 7000-series cars for the Chicago Transit Authority (CTA), with an option for another 446 cars. The cost of the contract was $632 million up to $1.31 billion with options; as a consequence CRRC began development of an $40 million assembly factory in Chicago.
Other investments
On 8 January 2016 CRRC Corporation purchased 13.06% stake of China United Insurance Holding (Chinese: 中华保险) from China Insurance Security Fund for RMB 4.455 billion.