WERDOHL (dpa-AFX) - German rail technology firm Vossloh AG (VOSSF.PK) announced Thursday that it has signed a four-year framework agreement with Deutsche Bahn to supply a total of at least 600 switches.
The switches will be supplied in the Customized Modules division. At the same time, Vossloh will continue to supply a substantial volume of switch components.
The company noted that high demand from Deutsche Bahn also boosts the Lifecycle Solutions and Core Components divisions.
Deutsche Bahn is currently renewing its rail network as part of a comprehensive modernization program with a view to expand the high-performance network and reduce infrastructure-related disruptions by 80 percent.
Vossloh recently extended an existing contract with Deutsche Bahn for preventive rail maintenance and the scope of services. Accordingly, Vossloh will grind at least 13,000 kilometers of the most heavily used track links within the so-called high-performance network in 2024.
Oliver Schuster, CEO of Vossloh AG, said, 'The new framework agreement for complete switches with Deutsche Bahn is a major strategic success for Vossloh and a further step on the way to becoming a system supplier of complete track solutions in Germany. Deutsche Bahn represents the largest rail network in Europe and is of considerable importance as a globally recognized technological reference.'
In Germany, Vossloh is currently trading at 39.85 euros, down 0.25 percent.
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