CRRC

Merger

CNR Group and CSR Group, were once one company, China National Railway Locomotive & Rolling Stock Industry Corporation (LORIC). The company was split up in 2002.

In late 2014, CNR Group and CSR Group agreed to merge, subject to approval by the Chinese state. Under the agreement, CNR Group would formally acquire CSR Group (but CSR Corporation Limited would acquire China CNR Corporation Limited). The combined business would each be renamed CRRC Group and CRRC Corporation Limited respectively (CRRC stands for China Railway Rolling Stock Corporation). The rationale given for the merger was increased efficiency, and the ability to better compete internationally.

The merger came into effect 1 June 2015, with each CNR share exchanged for 1.1 CSR shares - the combined company became the largest railway rolling stock manufacturer in the world, and held over 90% of the Chinese market. Total employment of the combine was 175,700 persons, and the share capital was valued at CN¥27.289 billion.

Overseas expansion

After the re-merger, CRRC started expanding overseas; after being awarded a 284 vehicle order (later expanded to 404 vehicles) for metro cars for Massachusetts Bay Transportation Authority's Red and Orange lines with a US$556.6 million bid in October 2014, the company started constructing a 13,900 square metres (150,000 sq ft) assembly plant in Springfield, Massachusetts, at a former Westinghouse plant beginning in September 2015. Manufacturing work began in April 2018.