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Wabtec’s goal is to generate sustainable growth and improved financial performance.
To accomplish this goal, we will rigorously apply the principles of the Wabtec
Performance System, which we believe will help us to generate cash to invest in the
following growth strategies:
GLOBAL AND MARKET EXPANSION
When the company went public in 1995, less than 5 percent of its sales were
outside North America. In 2006, that number is expected to exceed 25 percent.
International growth has come from acquisitions and from exporting U.S.-made products
into overseas markets where customers are seeking to improve the efficiency and
productivity of their freight and passenger rail systems. In addition to geographic
expansion, Wabtec seeks to sell its existing rail products into new markets, such as
power generation and heavy equipment.
AFTERMARKET PRODUCTS AND SERVICES
To help offset the cyclicality of its original equipment markets, Wabtec plans to
expand aftermarket sales of both products and services. Today, the aftermarket
represents about 50 percent of the company’s sales, and opportunities for further
growth are plentiful as railroads and transit authorities increasingly rely on suppliers
to provide services and not just products.
NEW PRODUCTS AND TECHNOLOGIES
The original Westinghouse Air Brake was founded in 1869 when George Westinghouse
invented the straight air brake, which revolutionized the railroad industry. Today,
Wabtec remains focused on developing profitable new products and technologies that help
our customers improve safety, quality, productivity and capacity.
Using a disciplined approach, Wabtec seeks to acquire companies in its core or
adjacent markets. The focus will be on companies that will add to Wabtec’s product
differentiation in the marketplace or that will help to dampen the business cycle.
In evaluating possible acquisition candidates, Wabtec will apply disciplined financial
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