Guangtai signs over $110 million sales sgreement with Belgium's TCR

Asian Tech Press (Nov 13) -- Chinese airport equipment supplier Guangtai (002111.SZ) announced Sunday that it recently signed a sales agreement of more than 1 billion yuan ($110 million) with Belgium-based TCR International NV (TCR).

Under the agreement, TCR will purchase 150 units of electric catering trucks and 150 units of electric apron buses from Weihai Guangtai Airport Equipment Co Ltd over the next three years, for a total amount of about 800 million yuan ($110 million).

In addition, the agreement also includes the supply of a certain number of mobile charging power sources, the exact amount of which will be subject to fulfillment.

Following the new agreement, TCR will be the exclusive distributor of Guangtai's electric catering trucks, electric apron buses and mobile charging power supplies in the European, Middle East and U.S. markets.

If the agreement comes to full performance, the total amount is due to be approximately 800 million yuan to 1 billion yuan, accounting for 386.67% to 483.34% of Guangtai's combined export revenue in the last three years.

Guangtai said the sales agreement is the largest one for airport ground support equipment it has signed since its inception.

The company said it will initially deliver a certain number of electric apron buses with a total contract value of $12.84 million.

At the same time, Guangtai emphasized that this agreement will not have an impact on the company's results of operations for the current year, but expected to increase operating income in the first quarter of 2024 by no less than $12.84 million.

TCR is one of the world's largest companies specializing in rental solutions and services for ground support equipment, serving over 200 airports in more than 20 countries and managing over 40,000 pieces of ground support equipment.

(US$1 = 7.2937 yuan)

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