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WILMERDING, PA, March 21, 2017 – Wabtec Corporation (NYSE: WAB) has completed the acquisition of the remaining shares of Faiveley Transport by implementing a mandatory squeeze-out procedure at the price of the cash tender offer, a cash payment of 100 euros for each outstanding Faiveley Transport share.  As a result, Faiveley Transport’s shares were delisted from Euronext Paris.
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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.
 
Certain Legal Matters
 
This communication is not intended to, and does not, constitute, represent or form part of any offer, invitation or solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this press release or otherwise. The distribution of this communication in jurisdictions outside the U.S. or France may be restricted by law or...

WILMERDING, PA, March 14, 2017 – Wabtec Corporation (NYSE: WAB) has acquired Aero Transportation Products (ATP), a manufacturer of engineered freight car components.  The company has annual sales of about $40 million. 
 
ATP manufactures hatch covers and outlet gates for freight cars, which adds to Wabtec’s portfolio of engineered products.  ATP’s sales are mainly in the U.S., so it expects to benefit from Wabtec’s worldwide presence in key freight markets such as Australia and South America.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “ATP's long history and commitment to delivering quality products and service to its customers, combined with Wabtec's commitment for growth, makes it a good strategic fit.  In addition, ATP’s engineering expertise, technology and proprietary designs will be a strong addition to our existing product development efforts.”
 
Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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...

WILMERDING, PA, March 10, 2017 – Wabtec Corporation (NYSE: WAB) has successfully closed the additional cash tender offer and exchange offer (the “Offer”), which was open from February 14, 2017 to March 6, 2017, for shares of Faiveley Transport and announced the following:
 

  • Wabtec, indirectly through Wabtec France, acquired an additional 2,859,191 Faiveley Transport shares.  Of this total, 2,856,110 shares were acquired with cash, and 3,081 shares were exchanged for Wabtec shares.
  • Including the shares it already held, Wabtec France now holds 98.53% of the share capital and 97.66% of the voting rights of Faiveley Transport.
  • As the remaining minority shareholders represent less than 5% of the share capital and voting rights of Faiveley Transport, Wabtec France plans to implement a mandatory squeeze-out procedure for the Faiveley Transport shares which were not tendered in the subsequent Offer.

 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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...

WILMERDING, PA, March 1, 2017 – Wabtec Corporation (NYSE: WAB), has signed a $97 million contract to provide signaling and communication services for TEX Rail, a new commuter rail line being developed by the Fort Worth Transportation Authority.  The authority expects to open the 27-mile, double-track line in 2018.
 
Under the contract, Wabtec will provide wayside signaling and communication services, including a control and command center, for the line.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “This project demonstrates our capabilities and expertise in wayside signaling and communications, which we believe is an attractive growth market for Wabtec.  We already have a strong presence in the Fort Worth region, and we look forward to our role in this important expansion of commuter rail service there.”
 
The TEX Rail line will begin in downtown Fort Worth and extend to the Dallas Fort Worth International Airport.  The service is projected to carry more than 13,600 daily riders using nine rail stations when it’s fully built.
 
Wabtec Corporation is a leading global provider of equipment, systems and value-added...

WILMERDING, PA, February 21, 2017 – Wabtec Corporation (NYSE: WAB) today reported results for the fourth quarter and full year, and issued financial guidance for 2017. 2016 Fourth Quarter Results

  • During the quarter, Wabtec acquired majority ownership of Faiveley Transport and initiated a tender offer for Faiveley’s remaining public shares; began the integration of two other recent acquisitions, Workhorse Rail and Gerken Group; and completed a $750 million notes offering.
  • Sales for the fourth quarter were $760 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, and lower industry deliveries of new freight cars and locomotives.  Changes in foreign exchange rates reduced sales by $22 million compared to the year-ago quarter.
  • Income from operations in the fourth quarter was $63 million, including transaction expenses of about $26 million related to the Faiveley acquisition and expenses of about $15 million primarily for contract adjustments and restructuring. 
  • Interest and other expense was $30 million in the fourth quarter, including $22 million of debt refinancing expenses and additional
  • ...

WILMERDING, PA, February 3, 2017 – Wabtec Corporation (NYSE: WAB) has closed the initial cash tender offer and exchange offer (the “Offer”), which was open from Dec. 27, 2016 to Jan. 30, 2017, for shares of Faiveley Transport and announced the following:
 

  • Wabtec, indirectly through Wabtec France, acquired a total of 4,065,860 Faiveley Transport shares, representing 27.54% of Faiveley Transport’s share capital.  Of this total, 3,816,195 shares were acquired with cash, and 249,665 shares were exchanged for Wabtec shares.
  • Including the shares it already held, Wabtec France now holds 78.17% of the share capital and 76.26% of the voting rights of Faiveley Transport.
  • As expected, the Offer will be reopened under the same terms as those provided for initially.  The dates and duration of the subsequent Offer will be determined by the French regulator.  If, following the subsequent Offer, the minority shareholders represent less than 5% of the share capital and voting rights of Faiveley Transport, Wabtec France plans to implement, within three months of the closing of the subsequent Offer, a mandatory squeeze-out procedure for the Faiveley Transport shares which were not tendered in the subsequent
  • ...

WILMERDING, PA, January 25, 2017 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 10 cents per share, payable on Feb. 24, 2017 to holders of record on Feb. 10, 2017.
 
Wabtec also said it will report 2016 fourth quarter and full-year results before the U.S. financial markets open on Tuesday, Feb. 21.  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 (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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, December 20, 2016 – Wabtec Corporation (NYSE: WAB) has acquired Workhorse Rail LLC, a supplier of engineered freight car components, mainly for the aftermarket.  The company has annual sales of about $35 million. 
 
Workhorse Rail supplies freight car couplers, knuckles and related parts to a variety of Class I railroads and freight car manufacturers.  The company offers a variety of product designs and sells primarily in the North American aftermarket.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “Workhorse Rail brings an excellent reputation, strong engineering capabilities and new products to our portfolio.  In addition, we believe Wabtec’s geographic presence and aftermarket footprint will provide opportunities to expand Workhorse Rail’s customer base in North America and globally.”
 
Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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, December 1, 2016 – Wabtec Corporation (NYSE: WAB) has acquired majority ownership of Faiveley Transport S.A. (Euronext Paris: LEY), after completing the purchase of the Faiveley family’s stake, which represented about 51% of the company’s shares outstanding.  Wabtec plans to launch a tender offer for the remaining public shares in December.
 
Faiveley Transport is a leading global provider of value-added, integrated systems and services for the railway industry with annual sales of about $1.2 billion.    
 
Albert J. Neupaver, executive chairman of Wabtec, said:  “The acquisition of Faiveley Transport is an excellent strategic fit, expanding our geographic presence, broadening our product and service capabilities, and strengthening our technology and innovation initiatives.  The combination of two rail industry leaders creates compelling growth opportunities and synergies, and strengthens the diversity of our revenue base.  We’re pleased to welcome the Faiveley family as long-term Wabtec shareholders with representation on our Board of Directors.”
 
Wabtec acquired the family stake for about $212 million in cash and 6.3 million shares of Wabtec common stock.  Through the tender offer, the public shareholders of Faiveley Transport...

WILMERDING, PA, October 31, 2016 – Wabtec Corporation (NYSE: WAB) today announced that it has priced an offering of $750 million of 3.45% Senior Notes due 2026.  The notes will pay interest semi-annually in arrears and will mature on November 15, 2026, unless earlier redeemed or repurchased.
 
The notes will initially be guaranteed by each of Wabtec’s subsidiaries that guarantees its obligations under its existing credit facilities. Wabtec intends to use the net proceeds from the offering to contribute to the payment of the cash portion of the purchase price for Wabtec’s previously announced acquisition of Faiveley Transport S.A. (Euronext Paris: LEY) and for refinancing of Faiveley Transport’s outstanding indebtedness.
 
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, PNC Capital Markets LLC, HSBC, and SOCIETE GENERALE are the joint book-running managers for the offering.
 
The notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or...

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