Press Releases

Pages

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...

WILMERDING, PA, October 27, 2016 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 10 cents per share, payable on Nov. 28, 2016 to holders of record on Nov. 14, 2016.
 
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, Oct. 26, 2016 – Wabtec Corporation (NYSE: WAB) said the U.S. Department of Justice has filed a proposed consent decree with the U.S. District Court in Washington, D.C. to approve Wabtec’s combination with Faiveley Transport S.A. (Euronext Paris: LEY).  The proposed consent decree is seeking approval of a settlement resolving the DOJ’s concerns about the acquisition.  The settlement is conditioned upon the sale of certain U.S. assets owned by Faiveley.  Terms of the sale have already been agreed upon with the buyer and approved by the DOJ.
 
As previously disclosed, completion of the proposed combination of Wabtec and Faiveley Transport also remains subject to the European Commission’s approval of the buyer of Faiveley Transport Gennevilliers, the sintered brake material activity of Faiveley Transport.
 
After these divestitures have been completed, the acquisition of the Faiveley family stake by Wabtec is expected to occur in November 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...

WILMERDING, PA, Oct. 25, 2016 – Wabtec Corporation (NYSE: WAB) today reported results for the 2016 third quarter, updated 2016 full-year guidance and announced modified terms for its acquisition of Faiveley Transport.
 
2016 Third Quarter Results      

  • Third quarter sales were $676 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 $18 million compared to the year-ago quarter. 
  • Income from operations was $120 million, or 17.8 percent of sales.  Excluding expenses of about $3.2 million related to the pending acquisition of Faiveley Transport, adjusted income from operations was $123 million, or 18.3 percent of sales. 
  • Earnings per diluted share were 91 cents. Excluding the Faiveley Transport acquisition expenses of about 3 cents per diluted share, adjusted earnings per diluted share were 94 cents. 
  • The company generated cash flow from operations of $247 million in the first nine months of
  • ...

WILMERDING, PA, Oct. 13, 2016 – Wabtec Corporation (NYSE: WAB) will report 2016 third quarter results before the U.S. financial markets open on Tuesday, Oct. 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, 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 the...

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 the second quarter and $209 million in
  • ...

Pages