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GE announced it will invest $200 million to develop and supply Indian Railways with 1,000 diesel locomotives. The company received a letter of award from the Ministry of Railways for a locomotive supply and maintenance contract, worth $2.6 billion over 11 years. The deal is the largest in GE's 100-year history in India, according to a GE press release. GE will build a diesel locomotive manufacturing facility in the Marhowra district in the state of Bihar, along with maintenance sheds at Bhatinda in Punjab and Gandhidham in Gujarat. Alstom yesterday signed two contracts with Egypt's National Authority for Tunnels to supply a signaling and telecommunications system and infrastructure for the third phase of the Cairo metro line 3 currently under construction. Combined the contracts are worth $203 million. Alstom will provide its Urbalis signaling solution, as well as point machines and station signaling equipment. Additionally, the company will provide electromechanical equipment including power substations to feed the third rail, a ventilation system, and elevators and escalators. RailComm named Troy Haworth vice president of sales. He brings more than 20 years of experience in sales strategy and management for computer software, telecommunications, and IT technologies and services. Before joining RailComm, Haworth held sales and management positions in the technology sector, including GT Software, Rx Networks, Aepona, and IntelliOne Technologies.Chicago Freight Car Leasing hired Stephen Collins as director of fleet engineering. In the new role, he'll be responsible for the management of the company's rail-car technical and mechanical requirements, along with supporting regulatory and industry compliance standards. For the third quarter, L.B. Foster Co. reported a net loss of $57.4 million, or $5.60 per diluted share, compared with a profit of $9.1 million, or 88 cents per diluted share, during the same period last year. The company logged net sales of $176.1 million in the third quarter, which marked a 4.9 percent increase compared with last year's third quarter. L.B. Foster's most recent results include a tax-effected, non-cash charge of $63.9 million or $6.23 per diluted share, for the impairment of a significant portion of the goodwill related to its Inspection Oilfield Service and Chemtec Energy Services subsidiaries. This setback was driven by the effects of weak energy markets, company officials said in a statement.
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