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EXCITING DEAL: Knorr-Bremse signs a five-year framework agreement with Hyundai Rotem Company. What are the terms of the contract?

EXCITING DEAL: Knorr-Bremse signs a five-year framework agreement with Hyundai Rotem Company. What are the terms of the contract?
photo: Knorr-Bremse AG/EXCITING DEAL: Knorr-Bremse signs a five-year framework agreement with Hyundai Rotem Company. What are the terms of the contract?
09 / 08 / 2022

Knorr-Bremse has expanded its longstanding cooperative venture with Hyundai Rotem Company (HRC). Under the terms of a recently signed framework agreement with a contract value in the mid-double-digit million-euro range, Knorr-Bremse will for the first time supply all three key subsystems for this type of HRC light rail vehicle. Starting in 2023 and continuing until at least 2028, Knorr-Bremse will equip more than 200 LRVs with braking, entrance, and climate control (HVAC) systems. The LRVs are destined for use in multiple rail markets around the world.

“Knorr-Bremse is geared towards providing future-driven solutions for local mass transit services that address the global megatrends of urbanization and mobility,” explains Dr. Jürgen Wilder, Member of the Executive Board of Knorr-Bremse AG and responsible for the Rail Vehicle Systems division. “South Korea, with its reputation as an innovation hub and trendsetter in modern transportation, is a highly relevant market for Knorr-Bremse. We are delighted to have won HRC’s trust once again. Apart from the purely technical advantages, this framework agreement provides opportunities for further synergies that will benefit both companies in the long term.”

Knorr-Bremse will supply its field-proven and robust electro-hydraulic braking systems, including sanding systems and magnetic track brakes. The reliable, weight-optimized, low-maintenance entrance systems will be supplied by Knorr-Bremse’s brand IFE, the global market leader for rail vehicle entrance systems, while the modular, scalable, energy-efficient heating, ventilation, and air-conditioning (HVAC) systems will come from Merak, Knorr-Bremse’s brand for integrated climate control solutions. The agreement follows previous successful cooperative ventures between HRC and Knorr-Bremse in the tram segment, all utilizing Knorr-Bremse braking and entrance systems. The new agreement also includes contract extension options.

“The ability to combine a technically standardized portfolio of subsystems that is, however, flexible enough to adapt to specific local customer and market requirements, as well as the great teamwork and coordination between our own teams, were crucial factors in achieving this agreement,” comments Dr. Jonathan Paddison, Member of the Board of Directors of Knorr-Bremse Asia Pacific. “Specifically, our multi-system strategy allows us to leverage our networks and solutions to identify synergies that directly benefit our customers. In the case of the Hyundai Rotem, this has enabled us to come to a combined agreement spanning three major subsystems. Knorr-Bremse is a leader in providing this kind of portfolio for this vehicle segment.”

Hyundai Rotem, a publicly listed South Korean enterprise, is a global heavy-industry company that produces, amongst other things, all kinds of rolling stock, high-speed trains, locomotives, catenary-free LRVs, metro trains, and magnetic levitation (maglev) trains.

 

Source: Knorr-Bremse AG Press Releases

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