Hollysys Automation Technologies Announces New Project with Shenzhen Metro worth $23.8 Million
Oct 11, 2007
Beijing,China – October 11, 2007 – Hollysys Automation Technologies, Ltd. ("Hollysys") today announced that it has been awarded a new project worth $23.8 million to provide subway automation systems as part of the Line 2 subway expansion in Shenzhen, China. This is in addition to the previously announced $7.9 million contract Hollysys received in July for Shenzhen Metro Line 1. Hollysys plans to begin work on Shenzhen Metro Line 2 project in 2008 and expects it will take approximately two years to complete.
Dr. Wang Changli, Hollysys' Chief Executive Officer commented, "The PRC government expects to invest over $62 billion to construct at least 55 new subway or light city rail lines over the next 10 years. Our expanded role with the Shenzhen Metro is proof that our light rail automation systems are highly valued by our customers and we anticipate that this only represents the beginning of an increasing presence for us in China's burgeoning subway industry."
Hollysys has become one of the leading automation systems providers in the PRC, developing a number of core technologies and completing over 4700 projects utilizing a wide array of automation products. The Company specializes in the research, development, production, sale and distribution of industrial automation and control systems, competing effectively with both domestic Chinese companies and large, multinational participants in the industrial, rail and nuclear power sectors.
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