(Yicai Global) March 5 -- A German unit of Montreal-headquartered plane and train maker Bombardier will majorly increase the value of its orders from Ktk Group, a Chinese vehicle interiors manufacturer.
Ktk has penned a new cooperation agreement with Bombardier Transportation, under which the annual contract amount will be increased to EUR100 million (USD113.3 million) from EUR35 million, the Changzhou-based firm said in a statement today. The previous deal was signed two years ago.
Bombardier sees Ktk as its preferred supplier, and has included the latter's seat products in the partnership, the supplier said. Ktk will offer Bombardier with a competitive suite of products, as well as discounts, depending on the execution of the contract, it added.
Ktk's clients include state-owned CRRC, France's Alstom and Munich-based Siemens.
Editor: Emmi Laine