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CREEC and Trimble Sign Agreement to Form Joint Venture for the
The joint venture, 50 percent owned by Trimble and 50 percent owned by CREEC, will leverage Trimble's commercial positioning, communications and software technologies and CREEC's expertise in rail design and construction to develop and provide digital railway solutions that address the design, construction and maintenance for the Chinese railway industry.
The joint venture will be based in Chengdu, China and is expected to begin operations after regulatory approval from the Chinese government.
"The next stage of China's railway development will embrace digital solutions, which require higher standards in survey, design and construction and creates new opportunities at the same time. Thus, the cooperation between the two parties is in line with the long-term development strategy under such prospects," said Qi Baorui, chairman of CREEC.
"We are extremely pleased to be partnering with CREEC, a world leader in railway design and management," said Steven W. Berglund, Trimble president and CEO. "With China's rate of economic development and modernization, infrastructure projects in the area of transportation are national priorities. By leveraging our respective capabilities, we believe the joint venture will create innovative digital solutions that will increase efficiency and productivity for the railway industry."
About China Railway Eryuan Engineering Group Co. Ltd.
About China Railway Eryuan Engineering Group Co. Ltd. (CREEC), formerly known as the Second Survey and Design Institute of China Railways (SSDI), was founded in Sept. 1952. CREEC is a subsidiary of China Railway Engineering Group Co. Ltd. (CREC) (SHA:601390), the third largest civil construction enterprise in the world. CREEC is a leading supplier of engineering survey, design, consulting, project contracting, engineering supervision, and environmental assessment services, primarily for the construction of railways, metros, highways, industrial buildings, tunnels and bridges.
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this press release. Factors that could cause or contribute to such differences include, but are not limited to: the ability of the joint venture to develop and provide solutions that will increase efficiency and productivity and that are adopted by the industry; the timing regarding government regulatory approval, operational launch, and availability of joint venture solutions; and the continuing impact of the global economic recession. More information about potential factors which could affect Trimble's business and financial results is set forth in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808