Press Releases

Pages

WILMERDING, PA, July 18, 2011 –Wabtec Corporation (NYSE: WAB) today announced that it will report second quarter results before the U.S. financial markets open on Tuesday, July 26. The company will conduct a conference call to discuss those results with analysts and investors at 10 a.m. the same day. To listen to the call via webcast, please go to www.wabtec.com and click on the “Investor Relations” and “Webcasts” tabs of the site. An audio replay of the call will also be available by calling 412-317-0088 (passcode: 466#).
 
Wabtec Corporation is a global provider of value-added, technology-based products and services for the rail and transit industry. 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.

WILMERDING, PA, June 30, 2011 –Wabtec Corporation (NYSE: WAB) has acquired a transit aftermarket parts business from GE Transportation. With annual sales of about $15 million, the business provides parts for propulsion and control systems for the passenger transit car aftermarket in North America. Wabtec expects the transaction to be accretive in the first year.
 
“This acquisition expands our transit aftermarket and service capabilities, with critical components related to propulsion and electronic controls,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “Nearly 5,000 transit cars in North America contain these GE components, giving Wabtec the opportunity to expand our content on a substantial installed base of rolling stock as transit agencies overhaul and maintain their equipment.”
 
The product lines include AC and DC traction motors and related components; and electronic control systems, including contactors and relays. These capabilities will become part of Wabtec Global Services, which operates a network of eight service centers in North America.
 
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...

WILMERDING, PA, June 28, 2011 –Wabtec Corporation (NYSE: WAB) today issued the following statement on a court ruling involving claims filed against the company by subsidiaries of Faiveley Transport S.A.:
 
“Wabtec and SAB WABCO signed a product license agreement in 1993, when the two companies had common ownership. Faiveley Transport S.A. acquired SAB WABCO in 2004 and the license agreement was mutually terminated at the end of 2006. In 2009, after a lengthy litigation process, an Arbitral Tribunal of the International Chamber of Commerce decided that Wabtec should pay a reasonable royalty totaling $3.9 million to Faiveley Transport Malmo, a subsidiary of Faiveley Transport S.A., based on past and predicted future sales of certain brake components through 2011. The royalty was related to sales of these components based on a trade secret misappropriation claim brought by Faiveley Transport Malmo under the 1993 license agreement.
 
“In April 2011, a U.S. judge issued an order that allowed other Faiveley Transport subsidiaries to pursue similar claims for damages in a jury trial. The trial ended today, and the jury awarded the Faiveley subsidiaries $18.1 million, pending potential...

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...

WILMERDING, PA, May 18, 2011 – Wabtec Corporation (NYSE: WAB) has signed a contract to provide braking equipment to Bombardier Transportation Canada, Inc., which is building 100 new commuter rail cars for New Jersey Transit.
 
Valued at about $12 million, the contract also includes draft gears and bench test equipment. Wabtec expects to start deliveries later this year. The contract includes an option for Bombardier to purchase equipment for up to an additional 79 cars. New Jersey Transit awarded the commuter car order to Bombardier in 2010.
 
Albert J. Neupaver, president and chief executive officer of Wabtec, said: “The project is part of NJ Transit’s ongoing fleet modernization program, designed to increase capacity and improve reliability.”
 
Wabtec Corporation is a global provider of technology-based products and services for rail and 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.

WILMERDING, PA, May 11, 2011 – Wabtec Corporation (NYSE: WAB) today announced that the company has increased its share buyback authorization to $150 million and also increased its regular quarterly dividend to 3 cents per share, from 1 cent per share. The new dividend rate will be payable initially Aug. 31, 2011 to shareholders of record Aug. 17, 2011.
 
The new share buyback authorization supersedes the previous authorization of $150 million, which had about $40 million remaining. The company intends to buy back shares on the open market or in negotiated or block trades. No time limit was set for the completion of the program, which qualifies under the company’s credit agreement as well as the bond indenture for its currently outstanding debt.
 
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “Given the company’s future outlook and track record of producing strong cash flow, we have ample financial strength to invest in growth opportunities and return a portion of our earnings to shareholders in a variety of ways. We intend to review our policies periodically and adjust them based on Wabtec’s financial...

WILMERDING, PA, May 9, 2011 – Wabtec Corporation (NYSE: WAB) has signed a $21 million contract with Rio Tinto, a leading international mining company, to provide electronically controlled pneumatic (ECP) braking equipment for a portion of the company’s freight cars and locomotives in Australia. The equipment will be delivered in 2011-12.
 
Under the contract, Wabtec will provide about 3,600 carsets of ECP equipment so that Rio Tinto can retrofit its fleet of iron ore cars, most of which currently use Wabtec’s standard pneumatic brakes. In addition, Rio Tinto will install ECP brakes on six locomotives initially, with potential for more in the future.
 
“The advantages of electronic braking – including significantly shorter stopping distances – have been proven in commercial use by railroads around the world,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “Rio Tinto’s investment in this technology is a further demonstration that heavy-haul railroads can deploy ECP to reduce cycle times and improve train handling, and we are pleased to be part of the project.” With standard pneumatic brake equipment, the brakes are applied and released throughout the train...

WILMERDING, PA, April 26, 2011 –Wabtec Corporation (NYSE: WAB) today reported record results for the 2011 first quarter, including the following:

  • First quarter sales were a record $455 million, 25 percent higher than the year-ago quarter, primarily due to strong growth in the Freight Group.
  • ncome from operations was a record $66 million, or 14.6 percent of sales, compared to 14.1 percent in the year-ago quarter.
  • Earnings per diluted share were a record 85 cents, 35 percent higher than the year-ago quarter.
  • At March 31, 2011, the company had cash of $201 million and debt of $400 million.
  • Backlog at the end of the first quarter was a record $1.5 billion, 39 percent higher than at year-end 2010.

 
Based on its first quarter results and outlook for the rest of the year, Wabtec increased its 2011 guidance for earnings per diluted share to between $3.20-$3.30, with revenues expected to be up about 15 percent for the year.
 
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “The company’s performance in the quarter was strong, and we’re optimistic about the rest of the...

WILMERDING, PA, April 19, 2011 –Wabtec Corporation (NYSE: WAB) today announced the declaration of its regular quarterly dividend of 1 cent per share, payable on May 31, 2011 to holders of record on May 17, 2011.
 
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.

WILMERDING, PA, April 11, 2011 – Wabtec Corporation (NYSE: WAB) said its MotivePower subsidiary has signed a contract to build 22 new locomotives for CBH Group, a leading handler and transporter of grain in Australia. The locomotives are scheduled to be delivered in 2012.
 
Under the contract, MotivePower will build a combination of standard- and narrow-gauge locomotives that will be among the most fuel-efficient and environmentally friendly models in Australia. The locomotives will include components from a number of other Wabtec divisions.
 
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “This project will meet our customer’s need for more-efficient locomotives, and will position Wabtec for similar opportunities in Australia in the future. Wabtec has had a meaningful presence in Australia for 20 years, and we continue to expand our operations in this important rail market.”
 
Through its Wabtec Australia and FIP divisions, Wabtec offers the full complement of its products and services in Australia. The Australian market is one of the world’s largest and fastest-growing rail markets that use U.S.-style equipment and technology.
 
The CBH Group...

Pages