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Siemens wins £1.5B contract to build new London Tube trains

Jun. 18, 2018 12:35 PM ETSiemens Aktiengesellschaft (SIEGY) StockSIEGYBy: Carl Surran, SA News Editor1 Comment
  • Siemens (OTCPK:SIEGY -1%) has been awarded a ~£1.5B ($2B) contract to design and build 94 new trains for the Piccadilly Line on London’s Tube.
  • The award presumably will allow Siemens Mobility to proceed with its plan to build a new £200M ($266M) train factory in Goole in northern England; Siemens has said its plans for the factory were subject to the company’s success in securing major future orders.
  • The 86 trains currently running on the Piccadilly Line were introduced in 1975 and had a design life of 40 years; they are now one of the oldest train fleets in passenger service in the U.K.

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