Siemens AG (fka SI)

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German technology company Siemens AG SIE.XE -0.35% said Thursday it received an order worth around €1.8 billion for delivering 1,140 commuter trains in the U.K.

Under the deal, Siemens will supply 1,140 railway cars to the Department for Transport in London from 2016 onward, Siemens said.

The trains will operate on the Thameslink north-south commuter route that runs through London and connects Bedford with Brighton on the south coast.

In addition, Siemens will be responsible for the long-term maintenance of the fleet and overseeing construction of two new train maintenance depots, in Three Bridges and Hornsey.

Siemens said that this is the largest order so far the company has ever received in the U.K. and one of the biggest in its global railway business segment.

Siemens joined with with Cross London trains (XLT) for this contract. XLT is a consortium of Siemens Project Ventures GmbH, Innisfree Limited and 3i Infrastructure 3IN.LN +0.22% PLC and will be responsible for financing the deal, it said.

The trains will be manufactured at the Siemens factory in Krefeld, Germany, and the first trains will enter service in 2016.

For the Thameslink project, Siemens invested almost €50 million in the development of a new train platform.

Siemens said it was named preferred bidder for the project in June 2011.
http://www.raillynews.com/2013/siemens-receives-e1-8-billion-order-for-u-k-trains/