NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

France confirms Alstom high-speed train orders

Published 04/10/2016, 09:25
Updated 04/10/2016, 09:30
© Reuters. The logo of French engineering group Alstom is seen at the plant in Aytre near La Rochelle
ALSO
-

BELFORT, France (Reuters) - France's government confirmed to local officials on Tuesday that it was ordering 15 high-speed TGV trains plus six TGV trains for the Paris-Turin-Milan line from Alstom (PA:ALSO) as part of a plan to keep production going at the trainmaker's historic Belfort plant, a source close to the matter said.

Under the plan the state will also invest into the Belfort plant to transform it into a maintenance centre serving the European market, the source said, confirming an earlier Reuters report.

The plan was presented by industry Minister Christophe Sirugue to local officials at a meeting in the eastern city of Belfort on Tuesday morning.

Alstom announced plans last month to stop producing locomotives at Belfort and transfer it to another plant on the German border.

Eager to avoid a high-profile industrial shutdown seven months before a presidential election, the government had promised a plan in the face of a dearth of orders for the locomotives made at the Belfort plant, where Alstom's first steam engines were made in the 1880s.

© Reuters. The logo of French engineering group Alstom is seen at the plant in Aytre near La Rochelle

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.