TALGO: LACMTA TERMINATES REMODELLING CONTRACT IN THE US (ANÁLISIS BANCO SABADELL)
The company has just announced that LACMTA (Los Angeles County Metropolitan Transportation Authority) has notified the former of the termination of the remodelling contract awarded in 2016 and the later extension for the update of 74 railway vehicles for € ~86 M (US$ 90 M; 2.6% of its backlog as of YE’21). LACMTA would be alleging TLGO’s failure to comply with the scope and deadlines. The company has announced legal actions against the client, as it does not agree on the breaches outlined. Nevertheless, awaiting the resolution of the conflict, TLGO has paralysed the execution of the contract.Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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