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WILMERDING, PA, June 6, 2014 – Wabtec Corporation (NYSE: WAB) has completed the previously announced acquisition of Fandstan Electric Group Ltd., a leading rail and industrial equipment manufacturer, for about $220 million. Based in London, England, Fandstan Electric has annual sales of about $245 million.
 
Fandstan Electric designs, manufactures and installs electrical current and data collection products for a variety of markets, including rail and tram transportation, industrial and energy. The company’s highly engineered products include pantographs, third rail shoe gears, electrical contacts and brush holders, and its brand names include Brecknell Willis, Stemmann Technik and TransTech. Fandstan Electric has about 1,000 employees and operations in the U.K., Europe, China, Australia, and the U.S.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “Fandstan Electric fits all of our strategic growth initiatives: global and market expansion, aftermarket expansion, and new products and technologies. We’re pleased to add the company to our portfolio and eager to begin working with its management team to continue to grow and improve the business.”
 
Wabtec Corporation is a global provider of value-added, technology-based products and...

WILMERDING, PA, May 14, 2014 – Wabtec Corporation (NYSE: WAB) today increased its regular quarterly dividend to 6 cents per share, from 4 cents per share. The new dividend rate will be payable initially Aug. 29, 2014 to shareholders of record Aug. 15, 2014.
 
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “Our current financial performance and future outlook provides 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: Emilio A. Fernandez, Lee B. Foster II and Gary C. Valade.
 
In addition, shareholders ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2014 fiscal year and approved a non-binding proposal relating to executive compensation.
 
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and industrial...

WILMERDING, PA, April 30, 2014 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 4 cents per share, payable on May 30, 2014 to holders of record on May 16, 2014.
 
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 23, 2014 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2014 first quarter, including the following:

  • First quarter sales were a record $695 million, 13 percent higher than the year-ago quarter, due mainly to growth in the Freight Group.
  • Income from operations was a record $122 million, or 17.5 percent of sales, compared to 16.8 percent in the year-ago quarter.
  • Earnings per diluted share were a record 83 cents, which was 15 percent higher than the year-ago quarter.
  • At March 31, 2014, the company had cash of $295 million and debt of $451 million. Based on its first quarter results and outlook for the rest of the year, Wabtec affirmed its 2014 guidance for earnings per diluted share of about $3.45, with revenues expected to be up about 15 percent for the year. This guidance includes the company’s previously announced agreement to acquire Fandstan Electric Group, which is now expected to close in the second quarter.

 
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “We’re off to a good start in 2014. We continue to benefit from investment in freight...

WILMERDING, PA, May 14, 2014 – Wabtec Corporation (NYSE: WAB) named Albert J. Neupaver executive chairman and promoted Raymond T. Betler to president and chief executive officer, effective today. Betler was also appointed to the Wabtec Board of Directors.
 
Neupaver, 63, has served as Wabtec’s chairman and CEO for the past year, after joining the company as president and CEO in 2006. Betler, 58, joined Wabtec in 2008 and has served as president and chief operating officer for the past year.
 
Neupaver said: “This is the next step in our ongoing succession planning process. As executive chairman, I look forward to continuing to work with Ray and his management team to support Wabtec’s strategic growth initiatives, acquisitions and investor relations. Since joining Wabtec, Ray has played an important role in the growth and success of the company. I’m confident that his executive leadership capabilities and global, industry experience will help him succeed in his new position.”
 
Betler joined Wabtec in 2008 as vice president and group executive of the company’s Transit Group. He was promoted to chief operating officer in 2010...

WILMERDING, PA, April 2, 2014 – Wabtec Corporation (NYSE: WAB) has signed contracts for $16.6 million with Alaska Railroad Corporation to provide Positive Train Control (PTC) equipment and services, including computer-aided dispatch and back office systems. The systems will be installed on the railroad’s 525 miles of controlled track, which are used for both freight and regularly scheduled passenger service.
 
Under the contracts, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment and installation of all PTC components for 54 locomotives. Wabtec’s scope of work also includes installation of its Train Management & Dispatch System (TMDS®), a computer-aided dispatch system to be used for centralized traffic control and track warrant control for all territories; and integration of I-ETMS® with Wabtec’s Back Office System. The Alaska Railroad system will be fully interoperable with PTC systems being implemented by Class I railroads in the U.S.
 
Albert J. Neupaver, Wabtec’s Chairman and Chief Executive Officer, said: “PTC continues to be developed and deployed by freight and passenger railroads in the U.S., and this project with Alaska Railroad demonstrates the variety of capabilities we have to...

WILMERDING, PA, February 19, 2014 – Wabtec Corporation (NYSE: WAB) today reported record results for 2013, including the following:

  • In the fourth quarter, earnings per diluted share were 76 cents, 13 percent higher than the year-ago quarter. The 2013 fourth quarter was impacted by after-tax expenses of 3 cents per diluted share, or $3.8 million pre-tax, primarily for restructuring actions.
  • Sales for the fourth quarter increased 12 percent to a record $682 million, driven by higher sales in both the Freight and Transit groups.
  • Income from operations in the fourth quarter was $111 million or 16.3% of sales, compared to $100 million or 16.5% of sales in the year-ago fourth quarter.
  • For the full year, Wabtec had sales of $2.57 billion, income from operations of $437 million or 17% of sales, and earnings per diluted share of $3.01, all records. For the full year, the company generated cash flow from operations of $236 million, or 9.1% of sales.
  • At year-end, the company had cash of $286 million and debt of $451 million.
  • In 2013, Wabtec repurchased 507,105 shares of its common stock for about $33 million. In the fourth quarter,
  • ...

WILMERDING, PA, Feb. 12, 2014 – Wabtec Corporation (NYSE: WAB) has signed a definitive agreement to acquire Fandstan Electric Group Ltd., a leading rail and industrial equipment manufacturer, for cash of about $215 million. Based in London, England, Fandstan Electric has annual sales of about $235 million. Wabtec expects the transaction to be completed in the first quarter of 2014, subject to customary closing conditions and competition authority clearance.
 
As previously announced, Wabtec plans to release its 2013 fourth quarter and full-year results on Feb. 19, and it also plans to issue 2014 guidance, including Fandstan Electric, on the same day.
 
Fandstan Electric designs, manufactures and installs electrical current and data collection products for a variety of markets, including rail and tram transportation, industrial and energy. The company’s highly engineered products include pantographs, third rail shoe gears, electrical contacts and brush holders, and its brand names include Brecknell Willis, Stemmann Technik and Transtech. Fandstan Electric has about 1,000 employees and operations in the U.K., Europe, China, Australia, and the U.S.
 
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “Fandstan...

WILMERDING, PA, Jan. 30, 2014 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 4 cents per share, payable on Feb. 28, 2014 to holders of record on Feb. 14, 2014.
 
The company also announced that it will report 2013 fourth quarter and full-year results before the U.S. financial markets open on Wednesday, Feb. 19. 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 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, Dec. 20, 2013 - Wabtec Corporation (NYSE: WAB) has amended and increased its existing revolving credit facility to $800 million and extended the facility's maturity date by two years. The revised facility, which has a five-year term, provides the company with increased financing flexibility and capacity, compared to the previous limit of $600 million.
 
Alvaro Farcia-Tunon, Wabtec's executive vice president and chief financial officer, said: "the agreement provides more the adequate financity and flexibility for Wabtec to continue to invest in its global growth initiatives. We appreciate the strong support of our banks and value their confidence."
 
The 16-bank group was led by PNC as Joint Lead Arrange, Joint Bookrunner, and Administrative Agent; and J.P. Morgan as Joint Lead Arranger, Joint Bookrunner, and Syndication Agent.
 
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 manufacturers a range of products of locomotive, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities locations throughout the world.

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