Stakhaniv Wagon increases output by 9% in 1Q11

Stakhaniv Wagon (UX: SVGZ UK) produced 1,988 freight railcars (gondola cars only) in 1Q11, up 9% y-o-y, according to Interfax. Output totaled 738 railcars in March. Vitaly Gorovoy: The first quarter production figure is in line with our expectations. We note company’s management plans to invest UAH 500 mln to increase annual capacity from 8,000 to 12,000 freight railcars in 2012.