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.
WILMERDING, PA, Dec. 16, 2013 – Wabtec Corporation (NYSE: WAB) has signed a $34 million contract with Sound Transit, a commuter railroad serving the Seattle region, to design, install, test and commission a Positive Train Control (PTC) system. Sound Transit’s commuter rail line covers 82 miles and carries nearly 3 million passengers annually.
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment and installation for 16 locomotives and 18 passenger transit cab cars. Wabtec will also provide signal design and communications, mapping and systems integration. The Sound Transit system will be fully interoperable with PTC systems being implemented by Class I railroads.
Several Wabtec divisions are involved in the project: Wabtec Railway Electronics, Wabtec Global Services, Xorail and Bach-Simpson.
“As transit agencies around the U.S. continue to deploy PTC over the next several years, Wabtec has the capabilities to continue to play a significant role,” said Albert J. Neupaver, Wabtec’s chairman and chief executive officer. “To date, we have booked nearly $150 million worth of PTC projects in transit.”
Wabtec Corporation is a...
WILMERDING, PA, Dec. 11, 2013 – Wabtec Corporation (NYSE: WAB) said its Board of Directors increased the company’s share buyback authorization to $200 million.
This new buyback authorization supersedes the previous authorization of $150 million, which had about $45 million remaining. In 2013, the company has repurchased about $38 million worth of Wabtec stock, including about $33 million in the fourth quarter.
The company intends to continue to buy back shares from time to time on the open market or in negotiated or block trades. As with previous authorizations, no time limit was set for the completion of the program, which is permitted under the company’s credit agreement and bond indenture.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “With our future outlook and track record of generating strong cash flow, we have ample capacity to invest in organic growth opportunities and acquisitions, and to return money to shareholders in a variety of ways while maintaining our financially conservative posture.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other...
WILMERDING, PA, October 27, 2013 – Wabtec Corporation (NYSE: WAB) said Alvaro Garcia-Tunon has decided to retire as Executive Vice President and Chief Financial Officer, effective January 1, 2014. He will be succeeded by Patrick D. Dugan, who joined Wabtec in 2003 and has served as Senior Vice President, Finance and Corporate Controller, and as a member of the company’s Executive Office, since January 2012.
Garcia-Tunon, 61, will remain with the company as a strategic adviser. He joined Wabtec in 1995 and served in a variety of roles of increasing responsibility prior to his appointment as CFO in March 2003. He has played an integral role in the company’s success and will continue to be involved in its strategic growth initiatives. Dugan, 47, has 20 years of executive financial management experience, and for the past 10 years has been involved in all aspects of Wabtec’s business, including strategic planning, financial controls and reporting, acquisitions, banking and capital markets, information technology and tax planning. He joined Wabtec as Vice President and Corporate Controller in 2003 and was promoted to Senior Vice President in 2012. Previously, he served as...
WILMERDING, PA, Oct. 8, 2013 – Wabtec Corporation (NYSE: WAB) said its MotivePower subsidiary has signed a $63 million contract with Canada’s Metrolinx to build 10 new, low-emission locomotives. The locomotives, featuring new engines that meet Tier 4 emission standards, will be designed and manufactured by MotivePower at its Boise, Idaho facility and are expected to be delivered beginning in 2016. Metrolinx is an agency of the Province of Ontario and the regional transportation authority for the Greater Toronto and Hamilton Area.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “As new environmental standards are phased in over the next several years, MotivePower is well positioned to participate in this market by offering environmental and operational performance upgrades for new and existing diesel-electric commuter locomotives throughout North America.”
The locomotives will include MotivePower’s Central Diagnostic System, which provides remote diagnostic and health monitoring capabilities so that Metrolinx can proactively identify maintenance and operational needs. Other Wabtec units will supply control systems, event recorders, brake shoes, aftercoolers and radiators for the locomotives.
The locomotives will be powered by two engines...
WILMERDING, PA, Oct. 7, 2013 – Wabtec Corporation (NYSE: WAB) today announced that it will report 2013 third quarter results before the U.S. financial markets open on Thursday, Oct. 24. 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, September 24, 2013 – Wabtec Corporation (NYSE: WAB) has acquired Longwood Industries, Inc., a manufacturer of specialty rubber products for transportation, oil and gas, and industrial markets, with annual sales of about $70 million. Wabtec expects the transaction to be accretive in the first year.
Longwood designs and manufactures a broad line of specialty rubber products for original equipment manufacturers and aftermarket applications. The company has about 450 employees, and facilities in the U.S. and Europe, including a Research & Development Center in Texas.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “With its diverse end markets and technical expertise, Longwood will be a strategic complement to our existing rubber products businesses, which also serve transportation and industrial markets. We will benefit from Longwood’s capabilities and market position in the oil and gas sector, and we expect to use our global presence to expand its international sales.”
Longwood’s products include highly specialized diaphragms and seals used in equipment such as pumps, valves and shock absorbers. The company has a particular expertise in developing and manufacturing custom solutions...
WILMERDING, PA, Aug. 5, 2013 – Wabtec Corporation (NYSE: WAB) today announced that it has priced a public offering of $250 million of 4.375% Senior Notes due 2023. The notes will pay interest semi-annually in arrears and will mature on Aug. 15, 2023, unless earlier redeemed or repurchased.
The offering is being made pursuant to the company’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).
Wabtec intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility and for general corporate purposes.
J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the joint book-running managers for the offering. PNC Capital Markets LLC is a passive book-running manager. Senior co-managers are BB&T Capital Markets, a division of BB&T Securities, LLC, RBS Securities Inc. and Wells Fargo Securities, LLC. Co-managers are Avondale Partners, LLC, HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., Raymond James & Associates, Inc., Scotia Capital (USA) Inc., and UBS Securities LLC.
This news release does not constitute an offer to...
WILMERDING, PA, July 30, 2013 – Wabtec Corporation (NYSE: WAB) has acquired Turbonetics Holdings, Inc., a manufacturer of turbochargers and related components for various industrial markets. Turbonetics has annual sales of about $15 million. Wabtec expects the transaction to be accretive in the first year.
Based in Moorpark, Calif., Turbonetics designs and manufactures turbochargers and pressure-control products for engines used mainly in various industrial markets, including energy, aerospace, marine and high-performance applications. Turbonetics’ customers include a variety of original equipment engine manufacturers and end-users. The company has about 40 employees.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “With its technology focus and strong aftermarket presence, Turbonetics is a good fit for Wabtec and a strategic complement to our recently acquired Napier Turbocharger business. Together, they can leverage their strong engineering and technical capabilities, and their complementary product lines should enable both companies to expand in existing and new markets. We also expect to use Wabtec’s global presence to create new opportunities for Turbonetics’ products.”
Wabtec Corporation is a global provider of value-added, technology-based products and services primarily for...
7/25/2013 Wabtec Reports Record Quarterly Sales and Earnings; 2Q EPS of 77 Cents, Up 15 Percent; Increases Full-Year EPS Guidance
WILMERDING, PA, July 25, 2013 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2013 second quarter, including the following:
- Second quarter sales were a record $638 million, 5 percent higher than the year-ago quarter, due to strong growth in the Transit Group.
- Income from operations was a record $113 million, or 17.6 percent of sales, compared to 16.5 percent in the year-ago quarter.
- Earnings per diluted share were a record 77 cents, which was 15 percent higher than the year-ago quarter.
- At June 30, 2013, the company had cash of $215 million and debt of $397 million.
- During the quarter, Standard & Poor’s and Moody’s raised their credit ratings on Wabtec to “BBB-” and “Baa3”, respectively, both of which constitute investment grade status.
Based on Wabtec’s second quarter results and outlook for the rest of the year, the company increased its 2013 guidance for earnings per diluted share to $2.98-$3.03, with revenues expected to be up about 8 percent for the year.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “Through solid execution of our growth strategies and internal initiatives, we continue...