Hyundai Rotem Wins W1 Tril. Projects in One Month
By Ryu Jin
Staff Reporter
Hyundai Rotem, a Hyundai-Kia Automotive Group unit manufacturing rolling stock, defense products and plant equipment among others, said that it signed contracts worth 1 trillion won ($1.06 billion) at home and abroad in a single month.
Hyundai Rotem won orders in six projects for railroad vehicles in Iran, Tunisia and Kazakhstan as well as at home in the latest month, securing a stable amount of orders for works, the company said in a press release on Wednesday.
``Our latest feat demonstrates the improved recognition of our technologies and brand image abroad,’’ a company spokesman said. ``In particular, it is significant that we beat such global rivals as France’s Alstom and Spain’s CAF to win the contracts.’’
He expects that the latest successes in overseas projects will help the South Korean firm win more contracts in such emerging markets as Algeria and Libya in North Africa, where the demand for railroad cars has been increasing.