ALSTOM & General Motors Electro-Motive
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The Joint Venture, to be called ALSTOM EMD
SERVICES, will be a cooperative effort between two world
leaders in the locomotive and transportation businesses. The
Joint Venture will focus on servicing locomotives of all types
and brands, not just those manufactured by ALSTOM and EMD.
ALSTOM will hold a majority stake in the new company. The
formation of the Joint Venture is subject to the negotiation
and execution of definitive agreements and to the satisfactory
completion of due diligence.
Michel Moreau, President of ALSTOM's Transport Sector, said:
'By linking ALSTOM's worldwide reach in the transportation
business with EMD's proven reputation for product design and
quality, the Joint Venture is expected to make both companies
more globally competitive in the locomotive maintenance
According to R. William Happel, GM Vice
President and General Manager of GM's Electro-Motive Division,
'The companies' combined superior products and technologies,
along with proven solutions approaches and an international
presence, would allow the Joint Venture to offer an
unprecedented range of services to locomotive custome ALSTOM is
the global specialist in energy and transport infrastructure.
The company serves the energy market through its activities in
the fields of power generation, power transmission and
distribution, power conversion and electrical contracting and
the transport market through its activities in rail and marine.
ALSTOM today has annual sales in excess of 20 billion euros and
employs more than 140,000 people in over 70 countries.
With more than 35 product lines and a presence in over 60
countries, ALSTOM's Transport Sector offers cutting-edge
products and services to four distinct types of customers:
urban transit authorities and operators; intercity passenger
rail operators and rolling stock owners; rail freight
operators; and intercity railway infrastructure owners.
ALSTOM's Transport Sector, with 4.4 billion euros in
sales in 2001, is among the world's leading suppliers to the
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FORWARD LOOKING STATEMENTS
The first sentence of the first paragraph and the second
paragraph of this release are forward-looking statements,
within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934.
By their very nature, forward-looking statements involve
inherent risks and uncertainties that the forward-looking
statements will not be achieved. Such statements are
based on management's current plans and expectations and are
subject to a number of important factors that could cause
actual results to differ materially from the plans, objectives
and expectations expressed in such forward-looking
These factors include:
- the effects of, and changes in, laws, regulations,
governmental policy, taxation or accounting standards or
- the effects of competition in the product markets and
geographic areas in which the proposed Joint Venture would
- ALSTOM's success at adjusting to and managing the risks
of the foregoing.
ALSTOM cautions that the foregoing list of important factors
is not exhaustive; when relying on forward-looking statements
to make decisions with respect to the Company, investors and
others should carefully consider the foregoing factors and
other uncertainties and events, as well as other factors
described in other documents ALSTOM files from time to time
with the Securities and Exchange Commission, including reports
on Form 6-K. Such forward-looking statements speak only
as of the date on which they are made, and ALSTOM undertakes no
obligation to update or revise any of them, whether as a result
of new information, future events or otherwise.