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WILMERDING, PA, Oct. 4, 2016 – Wabtec Corporation (NYSE: WAB) and Faiveley Transport S.A. (Euronext Paris: LEY) said they have received conditional clearance from the European Commission for their proposed combination.  The approval is conditional upon a commitment to divest Faiveley Transport Gennevilliers (FTG), the sintered brake material activity of Faiveley Transport, representing sales of around €12 million.
 
Completion of the proposed combination of Wabtec and Faiveley Transport remains subject to the approval of the buyer of FTG by the European Commission and to regulatory clearance in the United States, where both companies continue to cooperate with the U.S. Department of Justice to reach approval. The acquisition of the Faiveley family stake by Wabtec is expected to occur in the fourth quarter of 2016.
 
Wabtec Corporation is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments.  Faiveley Transport is a global supplier of high added value integrated systems for the railway industry. 
 
Forward-Looking Statements
Statements contained in this press release which are not historical facts are forward-looking statements as defined in...

WILMERDING, PA, August x, 2016 – Wabtec Corporation (NYSE: WAB) has acquired Gerken Group SA, a leading manufacturer of specialty carbon and graphite products for rail and other industrial applications.  The company has annual sales of about $40 million. 
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “Gerken’s range of specialty products expands our capabilities with existing customers and in new markets.  The company will also be a good strategic fit with other Wabtec divisions, including Fandstan and Fulmer, and with our friction businesses.”
 
Founded more than 80 years ago, Gerken manufactures a variety of carbon brushes and strips, graphite and related products used in railway traction, power generation and other industrial markets.  The company’s sales are primarily in the aftermarket and outside of 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 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...

WILMERDING, PA, July 25, 2016 – Wabtec Corporation (NYSE: WAB) today reported results for the 2016 second quarter, including the following:
 

  • Second quarter sales were $724 million, with higher sales in the Transit Group more than offset by lower sales in the Freight Group.  Freight Group sales were affected mainly by lower revenues from train control-related equipment and services, a decrease in rail traffic volumes, and lower industry deliveries of new freight cars and locomotives.  Changes in foreign exchange rates reduced total net sales by $9 million compared to the year-ago quarter. 

 

  • Income from operations was $133 million, or 18.4 percent of sales, compared to 18.4 percent in the year-ago quarter.  Despite lower sales, the company’s operating margin remained the same mainly due to the benefits of cost-reduction initiatives and improved performance in the Transit Group.

 

  • Earnings per diluted share were $1.00. Excluding expenses of about 5 cents per diluted share related to the pending acquisition of Faiveley Transport, adjusted earnings per diluted share were $1.05.

 

  • The company generated strong cash flow from operations of $134 million in
  • ...

WILMERDING, PA, July 20, 2016 – Wabtec Corporation (NYSE: WAB) today announced that Linda Harty, vice president and treasurer of Medtronic plc, has been elected a director by Wabtec’s Board of Directors.  Harty, 55, will serve on the Board’s Audit Committee and as a member of the class of directors whose term expires at Wabtec’s 2018 annual meeting.
 
“Linda will be a valuable contributor to Wabtec’s board and an asset to our management team,” said Albert J. Neupaver, Wabtec’s executive chairman.  “She has a strong background in all finance and treasury functions in a variety of industries.  In particular, we will benefit from her experience in disciplines such as tax and acquisitions.”
 
Harty, who joined Medtronic in 2010, is also a member of the Board of Directors of Parker Hannifin and serves as chair of the company’s Audit Committee.  Prior to joining Medtronic, she held executive and management positions with Cardinal Health, RTM Restaurant Group, BellSouth, ConAgra and Kimberly-Clark. 
 
Wabtec Corporation is a global provider of value-added, technology-based products and services for the rail industry. Through its subsidiaries, the company manufactures...

WILMERDING, PA, July 15, 2016 – Wabtec Corporation (NYSE: WAB) will report 2016 second quarter results before the U.S. financial markets open on Monday, July 25.  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 “Investors” 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 23, 2016 – Wabtec Corporation (NYSE: WAB) has signed a new bank agreement that includes a $1.2 billion revolving credit facility and a $400 million term loan.  The revolving credit facility has a five-year term and replaces the company’s previous revolver of $800 million, while the term loan has a three-year maturity.
 
Patrick D. Dugan, Wabtec’s senior vice president and chief financial officer, said:  “This new agreement provides financing for our planned acquisition of Faiveley Transport, which we expect to close in the fourth quarter, and for continued investment in Wabtec’s global growth initiatives, including other acquisitions.  We appreciate the strong support of our banks and value their confidence.”
 
The 23-bank group was led by PNC Bank, National Association, as Administrative Agent, with the following Joint Lead Arrangers and Joint Bookrunners:  PNC Capital Markets LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; JPMorgan Chase Bank, N.A.; HSBC Bank USA, National Association; and Société Générale.
 
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...

WILMERDING, PA, May 23, 2016 – Wabtec Corporation (NYSE: WAB) has signed a contract worth about $21 million to design, install, test and commission Positive Train Control (PTC) for the Terminal Railroad Association of St. Louis (TRRA).   
 
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment for 17 locomotives; wayside and communications design, construction and training; and system integration.  The contract is expected to be completed in 2018.  Several Wabtec divisions are involved in the project:  Wabtec Integrated Systems, Xorail, Wabtec Railway Electronics, Railroad Controls and Wabtec Global Services.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “The scope of our work on this project demonstrates the wide-ranging and increasing roles that Wabtec can play in the implementation of PTC for our customers.  We plan to continue to invest in this important segment of our business, in the U.S. and internationally.”
 
TRRA owns and operates about 155 miles of track, with about 45 miles of mainline track encompassed in four subdivisions: Merchants, Illinois Transfer, MacArthur Bridge, and Eads. The remaining 110 miles consists...

WILMERDING, PA, May 11, 2016 – Wabtec Corporation (NYSE: WAB) today increased its regular quarterly dividend to 10 cents per share, from 8 cents per share.  The new dividend rate will be payable initially Aug. 29, 2016 to shareholders of record Aug. 15, 2016.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “Based on our current financial performance and future outlook, the company has ample financial strength to invest in growth opportunities and to return a greater portion of our cash flow to shareholders.  We intend to continue to review our policies periodically based on Wabtec’s ongoing performance and growth prospects.”
 
Also today, at the company’s annual meeting in Pittsburgh Wabtec shareholders elected three directors and approved other company proposals.  Directors elected were:  Robert J. Brooks, William E. Kassling and Executive Chairman Albert J. Neupaver.
 
In addition, shareholders ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2016 fiscal year, approved a non-binding proposal relating to executive compensation, and re-approved the 2011 Stock Incentive Plan for French law purposes.
...

WILMERDING, PA, May 9, 2016 – Wabtec Corporation (NYSE: WAB) has completed the acquisitions of Unitrac Railroad Materials and Pride Bodies, which provide a variety of track-related products and services.  The companies have combined annual sales of about $45 million. 
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “Railroads in the U.S. spend up to 70 percent of their capital on infrastructure, and these acquisitions demonstrate Wabtec’s expansion in this key market.  Unitrac and Pride Bodies will be a good strategic fit with our existing capabilities, which now represent more than $100 million of annual revenues.”
 
Based in Tennessee, Unitrac is a leading designer and manufacturer of railroad track products such as turnouts, panels and frogs.  The company’s customers include Class I and short-line railroads, and transit agencies throughout North America.
 
Based in Ontario, Pride Bodies equips rail and utility vehicles with custom rail gear, cranes, air systems and lighting.  Its custom aluminum bodies enable significantly increased payloads on heavy- and medium-duty vehicles used in rail and utility maintenance projects. 
 
Wabtec’s acquisition of companies such as...

WILMERDING, PA, May 1, 2016 – Wabtec Corporation (NYSE: WAB) and Faiveley Transport S.A. (Euronext Paris: LEY) met with the European Commission to review the progress of the Phase 1 regulatory approval process following notification to the Commission on April 4.
 
Following these discussions, the European Commission indicated that it would probably conduct a further investigation (Phase 2) commencing May 12 with respect to a few product areas affected by the combination.  As a result, Wabtec and Faiveley Transport have revised the timing for closing of their transaction, which is now expected to occur in the fourth quarter of 2016.
 
Wabtec Corporation, with nearly 13,000 employees in more than 20 countries and 2015 annual sales of about $3.3 billion, is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments.  The company manufactures a range of products for locomotives, freight cars and passenger transit vehicles, new switcher and commuter locomotives and provides aftermarket services.
 
 Faiveley Transport is a global supplier of high added value integrated systems for the railway industry.  With more than...

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