(MENAFN) State media reported that China's top two train makers will merge, in a move that will create a multi-billion-dollar firm as the country seeks export markets for its high-speed railway technologies, AFP reported.
The merger could also put the combined entity in a stronger position to take on the likes of Germany's Siemens and Bombardier of Canada, each is valued at around USD13 billion.
CSR was embroiled in a 2011 scandal after a high-speed train crash near Wenzhou city killed 40 people and sparked an investigation that found evidence of bribery in railway construction.
CNR secured a deal in October to supply metro trains to the US city of Boston. Its net profit jumped 65.1 percent year-on-year to USD643.53 million in the first three quarters of this year, the company said.
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