November 23 (SeeNews) - Croatian electrical equipment manufacturer Koncar Elektroindustrija [ZSE:KOEI] has signed a contract for the production and delivery of six low-floor trams to Latvian company Liepajas Tramvajs, Koncar said on Friday.
The Croatian company will participate in the project through its subsidiary Koncar - Elektricna vozila, which will deliver the first tram after 24 months after the signing of the contract, Koncar said in a filing with the Zagreb Stock Exchange.
All six trams must be delivered within 36 months from the date of signing of the deal.
No financial details on the transaction were disclosed.
The contract includes an option for the delivery of eight more trams, Koncar said.
"We are proud that the company Liepajas Tramvajs recognised Koncar and chose our trams. We are a flexible and technological company, and our goal is not just to sell products, but rather build partnerships," the president of the Croatian company, Ivan Bahun, said.
Liepajas Tramvajs, the public transport operator of the Latvian city of Liepaja, will finance the project through European Union funding.