Midas secures China train parts contracts worth 328.9m yuan

A MIDAS Holdings subsidiary has secured a series of contracts worth 328.9 million yuan (S$70.1 million), for the supply of car body components for high-speed trains in China.

The latest contracts include 185.4 million yuan worth of orders from CNR Changchun Railway Vehicle and 143.5 million yuan worth of orders from CNR Tangshan Railway Vehicle.

Jilin Midas Aluminium Industries will supply aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains that will operate at speeds of up to 350km/h and 380km/h.

"Slated for delivery in 2015, the contracts are expected to contribute positively to Midas' financial performance for the financial year ending December 31, 2015," said Midas in its announcement on Monday.