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Rába signs $29.4 mln agreement to supply Marmon-Herrington

Rába Nyrt, a Hungarian maker of vehicle parts and military trucks, said it signed an agreement worth $29.4 mln (€22.1 mln) to supply US partner Marmon-Herrington with axles and parts next year.

Rába, based in the northwest Hungarian city of Győr, expects the contract to help solidify its position on the US market, it said in a stock exchange statement today. Marmon-Herrington, based in Louisville, Kentucky, has been buying Rába axles since the 1980s, Rába said. The shares rose 1% to Ft 982 at 11:55 a.m. in Budapest.

The stock has risen 63% this year. Rába on November 9 reported a Q3 profit because of higher sales at home and gains from currency contracts. Net income for the three months to September 30 was Ft 1.95 billion ($10.2 million) compared with a loss of Ft 582.6 million ($3.03 million) a year earlier. (Bloomberg)