LocoTech, STM Service Set Up JV in Novosibirsk

UrBC, Yekaterinburg, June 26, 2017. OOO LocoTech and Sinara Transport Machines’ OOO STM Service recently announced they set up a joint venture at Novosibirsk Loco Repair Plant (NERZ), Sinara Group’s press service reports.

The agreement to this effect was signed by LocoTech Director-General Alexei Belinsky and STM Service DG Alexander Izmailov. NERZ shares were divided equally between the two parties (50% of the capital went to each).

Starting on July 1, 2017, the joint venture will embark on repairing DC 2ES6 and 2ES10 freight locos and will keep on repairing LocoTech’s passenger locomotives; the JV will also keep on repairing STM Service’s foundry equipment. The older plant’s entire work team gets transferred to NERZ, which means there will be no layoffs.

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