10:04 AM EST - Bombardier Inc. : reports that Bombardier Transportation and Transmashholding have signed a deal to create two joint ventures in Russia: a manufacturer of traction converters and an engineering centre to develop advanced propulsion technology for railway equipment. The two ventures will be owned equally by Bombardier and Transmashholding, with a total investment of US$16.9 million. Transmashholding is Russia's leading rail technology manufacturer and the deal will produce a family of traction converters based on Bombardier's MITRAC propulsion technology. The agreement was signed in the Russian city of Sochi in the presence of Russian Railways president, Vladimir Yakunin. The engineering centre will be built in Moscow and serve customers from Russia and abroad by this fall. Bombardier Transportation, part of Montreal-based Bombardier Inc., has its global headquarters in Berlin, with a presence in over 60 countries. Bombardier Inc.
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