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China Northern Locomotive to offload leasing unit
By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-02 18:39 China Northern Locomotive & Rolling Stock Industry (Group) Corp, the country's second biggest locomotive maker, will sell its leasing unit for 302 million yuan ($44.15 million), the company said on Monday.
Bidding for the unit, which leases rail equipment, medical gears and other business, will last until March 25, the company said. The locomotive maker did not say why it was selling the unit. The Beijing-based company aims to quadruple its sales revenue to 140 billion yuan by 2015, Chairman Cui Dianguo said in December 2008. The company is estimated to have chalked up 35 billion yuan in revenue last year. China Northern is one of the two major rail makers in China, with the other being China South Locomotive & Rolling Stock Co. (For more biz stories, please visit Industries)
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