Wabtec Forms JV To Manufacture, Service Brake Equipment For Chinese Transit Market
WILMERDING, PA, June 1, 2011 –Wabtec Corporation (NYSE: WAB) has formed a joint venture in China to manufacture and service brake equipment for the Chinese transit market.
The joint venture, Hunan CSR Wabtec Railway Transportation Technology Co., Ltd., is owned by Wabtec and Zhuzhou CSR Times Electric Co., Ltd., which has operational and marketing expertise in the local market. Prior to forming the joint venture, Wabtec and CSR Times Electric worked together to provide equipment into the transit market in China.
“We continue to strengthen our presence in China, one of the fastest-growing rail markets in the world,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “Through this JV and others we have formed, we now provide a range of products in the freight and transit markets, including brake equipment, friction products, couplers and heat exchangers.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.