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WILMERDING, PA, April 25, 2017 – Wabtec Corporation (NYSE: WAB) today reported results for the first quarter and affirmed its financial guidance for 2017.
 
2017 First Quarter

  • During the quarter, Wabtec acquired the remaining shares of Faiveley Transport and made progress on the integration.  Also during the quarter Wabtec acquired Aero Transportation Products, a manufacturer of hatch covers and outlet gates for freight cars with annual sales of about $40 million; and announced the signing of a $97 million contract to provide signaling and communications services to TEX Rail, a new commuter rail line being developed by the Fort Worth Transportation Authority.  Following the end of the quarter, Wabtec acquired Thermal Transfer, a manufacturer of heat exchangers for industrial markets, with annual sales of about $25 million; and Semvac, a European-based manufacturer of sanitation systems for transit vehicles, with annual sales of about $15 million.
  • Sales for the first quarter were $916 million, with higher sales in the Transit Group offsetting lower sales in the Freight Group.  Transit sales increased mainly due to the Faiveley acquisition, while Freight sales were affected mainly by lower revenues from train
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WILMERDING, PA, April 12, 2017 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 10 cents per share, payable on May 26, 2017 to holders of record on May 12, 2017.
 
Wabtec also said it will report 2017 first quarter results before the U.S. financial markets open on Tuesday, April 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 (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, April 6, 2017 – Wabtec Corporation (NYSE: WAB) has acquired Thermal Transfer Corp., a supplier of industrial heat exchangers.  The company has annual sales of about $25 million. 
 
Thermal Transfer manufactures heat exchangers and related components for a variety of industrial markets.  The majority of its sales are in the U.S. and in the aftermarket.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “Thermal Transfer will be an excellent strategic fit with our existing heat exchanger products for rail and industrial markets.  The company offers a broad portfolio of heat transfer solutions for niche applications, which will enable Wabtec to diversify its product and market applications further.  In addition, Thermal Transfer’s extensive design and engineering expertise will complement our existing capabilities.”
 
Thermal Transfer focuses on providing innovative and durable products in industrial applications where high temperatures and corrosive elements are present.  The company has products installed worldwide.
 
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...

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
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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
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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.

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