Transmashholding (TMH)

So this construction of this factory began in 2007, and then they started actually churning out locomotives in 2009.

Initially, GE Transportation's involvement was designing and providing the technology, but the actual factory itself was a joint venture between Kazakhstan Temirzholi, which is the national railway company, and then a Russian company, Transmash Holding, which is also a railway locomotive building company.

Just to fast forward, in 2017, GE Transportation bought out Kazakhstan Temirzholi, its 50% stake in this factory.

And so at a certain point from 2017, GE and Transmash Holding were the co-owners of this factory.

And then fast forward again, Waptec and GE Transportation showed these two American companies combined in 2019.

And so what was GE Transportation in Kazakhstan became Waptec.

But then the really important turning point is in 2023.

So this is after 2019. the beginning of Russia's invasion of Ukraine.