Hyundai Rotem kicked off its first subway construction project in Manila, the Philippines, in a ceremony April 20 with President Aquino leading a slew of both local and Korean dignitaries. Those in attendance included Minister Abaya of the Transportation Ministry of the Philippines and President Kim Seung-tak of Hyundai Rotem.
President Aquino, in his congratulatory speech, said the project will take care of traffic problems in Manila and the progress made in the Philippines will be known to the world when the subway construction is completed. Hyundai Rotem Co.’s contract to build the subway line and other necessary systems in the Philippines is valued at 530 billion won ($440 million).
It is the company’s first overseas turn-key basis contract and the largest that Hyundai Rotem has ever embarked upon in the Philippines since it first entered the market in 1996.
Under the deal signed with Universal LRT Corporation Limited (ULC), a consortium led by Hyundai Rotem will build a subway line linking Quezon City North EDSA in Manila to San Jose Del Monte in Bulacan, which is located in the northern part of the country. The contract also calls for the South Korean train maker to provide 108 subway cars, signaling, communication and power systems by the second half of 2019.
On April 25, Hyundai Rotem won the contract to supply 300 electric cars in Turkey, which is worth some $316 million and the company signed a contract with Istanbul City on the supply of the electric cars beating the competitors from a number of countries including China and Germany, among others. Hyundai Rotem will build a plant in Turkey and produce the non-man driven cars to meet the deadline of 2021.
Hyundai Rotem also clinched the right to supply 150 diesel-powered rail cars to Iran on May 3 by signing an MOU with the Iranian Railroad Authority, the company said on May 4. Minister Kang Ho-in of the Ministry of Land, Infrastructure and Aviation and President Kim Seung-hak of Hyundai Rotem attended the ceremony to sign the MOU, which stipulates that Hyundai Rotem will provide the financing for 85 percent of the price of 150 electric rail cars worth $260 million. The Korea Exim Bank will provide the financing against the guarantee issued by the Iranian government.
Hyundai Rotem and the Iranian Railroad Authority will sign a formal contract in July.
The company was founded in 1999 as Korea Rolling Stock Corporation (KOROS), the result of a merger between then the three major rolling stock divisions of Hanjin Heavy Industries, Daewoo Heavy Industries and Hyundai Precision & Industries. The company subsequently changed its name to Railroading Technology System, or Rotem, on Jan. 1 2002. It adopted its current name in December 2007 to reflect its current owner.
Hyundai Rotem currently employs 3,800 and export Notable projects include supplying most of South Korea's rolling stock, which include Korail's KTX high speed trains, Electric multiple units, and Electric locomotives. Other products in South Korea include supplying all of Seoul Metro, Seoul Metropolitan Rapid Transit, and Shinbundang Line's Electric multiple units. International products include Hong Kong MTR's K-Stocks, commuter EMUs for Taiwan, trains for the New Delhi Metro, and automated trains for the Canada Line between downtown Vancouver and Richmond in British Columbia, Canada.
They are also to supply the Silverliner V commuter trains for SEPTA Regional Rail in the Philadelphia, Pennsylvania area. The Philippine National Railways have partnered with Hyundai Rotem to upgrade and construct its train and stations in the Luzon island for convenience and fast transportation; the trains have been delivered and are currently in service in 29 countries worldwide.
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