Ricardo plc has confirmed that, following the Chinese government’s approval, the transfer of a small rail joint venture (JV) owned by Lloyd’s Register Group and CCS in China is now complete. This now concludes the transfer of the Lloyd’s Register Rail business to Ricardo.
“The Ricardo Rail business is performing well across its existing international footprint and with the addition of the Chinese JV, we are now well placed to maximize our position in this fast-growing and increasingly important rail market. I would also like to extend a warm welcome to the former CCS LR JV employees who have today joined the Ricardo family,” said Ricardo plc CEO Dave Shemmans.
“China is an important rail market, having built the world’s largest high speed rail network over the last 15 years. Almost 20,000 kilometres of new high speed lines carry 800m passengers per year – half of the total high speed rail traffic in the world. A key focus for the rail sector now is on urban transit systems with approvals or construction already started in over 80 cities. The export market, particularly across South East Asia, will also become increasingly important to its domestic equipment manufacturers,” added Ricardo Rail managing director Paul Seller.
Source: Ricardo
Photo: Ricardo
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