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WILMERDING, PA, November 17, 2015 – Wabtec Corporation (NYSE: WAB) has received an order valued at about $26 million to provide components, including electronically controlled pneumatic (ECP) braking equipment, for 1,186 freight cars to be built for the Saudi Arabia Railway.  The components are expected to be delivered over the next two years.
 
Under the contract, Wabtec will provide a complete set of its components for the cars, including ECP and pneumatic brake equipment, draft gears, bogies and truck-mounted brakes.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “This project demonstrates the global reach of our freight rail business, which offers products and technologies to help our worldwide customers improve safety, productivity and efficiency.  The benefits of ECP braking technology in commercial service have been proven by heavy-haul railroads around the world.  Continued investment in this technology demonstrates that railroads can deploy ECP to reduce cycle times and improve train handling, among other operational benefits.” 
 
With standard pneumatic brake equipment, the brakes are applied and released throughout the train sequentially, one car after another.  ECP equipment uses an electronic...

WILMERDING, PA, November 9, 2015 – Wabtec Corporation (NYSE: WAB) said it has repurchased about $50 million of its common stock this quarter, and that its Board of Directors has increased the company’s share buyback authorization to $350 million. 
 
This new buyback authorization supersedes the previous authorization of $200 million, which had about $100 million remaining, so the company may repurchase up to $250 million more worth of stock.  So far this year, the company has repurchased about $70 million worth of Wabtec stock.
 
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 executive chairman, said:  “We remain confident in the company’s long-term growth prospects and our ongoing ability to generate strong cash flow.  With that in mind, we have been buying back our shares at the current level and have received a strong vote of confidence...

WILMERDING, PA, November 9, 2015 – Wabtec Corporation (NYSE: WAB) has signed a $27 million contract with Regional Rail Partners to provide Phase I signaling and communications systems, including Positive Train Control (PTC) equipment, for the new North Metro Rail Line in Denver.  The line will eventually be integrated into Regional Transit District commuter rail services.
 
Under the contract, Wabtec’s Xorail division is providing wayside signaling and communications systems, along with integration and project management services.
 
This new contract follows two others that Wabtec was previously awarded in connection with the Denver project.  In 2011, Wabtec was awarded a $63 million contract with Denver Transit Partners to provide PTC equipment and services, a dispatch office system, wayside signaling and communications systems, and related integration and project management services for three other commuter rail lines that are part of the overall project.  In 2012, Wabtec was awarded a $25 million contract to provide brakes, couplers, PTC equipment, event recorders and doors for 50 new transit cars for the system.
 
“We’re pleased to be working with Regional Rail Partners and other industry suppliers...

WILMERDING, PA, Nov. 2, 2015 – Wabtec Corporation (NYSE: WAB) and Faiveley Transport S.A. (Euronext Paris: LEY) have each received a request for additional information (“second request”) from the United States Department of Justice (“DOJ”) in connection with Wabtec’s pending acquisition of approximately 51% of Faiveley Transport from the Faiveley family and followed by a tender offer for the company’s public shares. The second request is a standard part of the regulatory review process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and was expected by Wabtec and Faiveley Transport.
 
The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Wabtec and Faiveley Transport have substantially complied with their respective request, unless that period is extended voluntarily by both parties or terminated sooner by the DOJ. Wabtec and Faiveley Transport will continue to cooperate fully with the DOJ as it reviews the proposed transaction. In addition to the expiration of the waiting period under the HSR Act, the transaction remains subject to other regulatory approvals, as well as other customary closing...

WILMERDING, PA, October 27, 2015 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 8 cents per share, payable on Nov. 30, 2015 to holders of record on Nov. 16, 2015.
 
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. 22, 2015 – Wabtec Corporation (NYSE: WAB) today reported results for the 2015 third quarter, including the following:
 
• Third quarter sales were $810 million, 2 percent higher than the year-ago quarter, due to growth in the Freight Group. Changes in foreign exchange rates reduced sales by about $39 million compared to the year-ago quarter.
 
• Income from operations was $152 million, or a record 18.8 percent of sales, compared to 17.1 percent in the year-ago quarter.
 
• Earnings per diluted share were $1.02, 10 percent higher than the year-ago quarter. Changes in foreign exchange rates reduced earnings per diluted share by about 5 cents compared to the year-ago quarter, and the company also had expenses of about 2 cents per diluted share related to the planned acquisition of Faiveley Transport.
 
• Cash flow from operations was $144 million. At Sept. 30, 2015, Wabtec had cash of $208 million and debt of $451 million. During the quarter, the company repurchased 237,027 shares for $22 million, and it has about $151 million remaining under the current...

WILMERDING, PA, Oct. 13, 2015 – Wabtec Corporation (NYSE: WAB) will report 2015 third quarter results before the U.S. financial markets open on Thursday, Oct. 22. 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, October 12, 2015 – Wabtec Corporation (NYSE: WAB) has acquired the assets of Track IQ, a manufacturer of wayside sensor systems for the global rail industry, with annual sales of about $15 million.
 
Track IQ’s products use acoustic sensors on the tracks to monitor and measure the operating condition of bearings and wheels on freight and passenger rail vehicles. The products provide data used to improve preventive maintenance and safety performance. The company’s systems have been installed at more than 150 locations around the world.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “With its core sensor technology, Track IQ expands our capabilities into an important segment of the wayside market. We see opportunities to integrate the company’s sensors into Wabtec’s existing train control, signaling and electronics product offerings. In addition, we can leverage Track IQ’s technology and expertise as we develop enhancements and additional features for our train control products.”
 
Based in Australia, Track IQ has additional product support offices in the U.S. and Europe. Its customers include Class I railroads in the U.S., and other...

WILMERDING, PA, October 6, 2015 – Wabtec Corporation (NYSE: WAB) has signed a definitive share purchase agreement to acquire from members of the Faiveley family approximately 51% of Faiveley Transport S.A. (Euronext Paris: LEY), a leading global provider of value-added, integrated systems and services for the railway industry with annual sales of about $1.2 billion. On July 27, Wabtec announced that it had made an irrevocable offer to acquire these shares. Faiveley Transport has now completed required labor group consultations and the majority shareholders have accepted the Wabtec purchase offer.

Wabtec has also entered into a definitive tender offer agreement with Faiveley Transport and a definitive shareholders agreement with the majority shareholders of Faiveley Transport. Closing of the transactions is subject to various customary conditions, including completion of remaining regulatory requirements.

Under the share purchase agreement, Wabtec plans to purchase the shares for €100 per share, payable 25% in cash and 75% in Wabtec preferred stock, mandatorily convertible after three years into a total of approximately 6.5 million Wabtec common shares. Upon completing the share purchase, Wabtec will commence a tender offer for the remaining publicly traded Faiveley Transport shares....

Strategic Combination To Expand Geographic Presence, Broaden Capabilities and Enhance Product Innovation
 
WILMERDING, PA, July 27, 2015 – Wabtec Corporation (NYSE: WAB) plans to acquire Faiveley Transport S.A. (Euronext Paris: LEY), a leading global provider of value-added, integrated systems and services for the railway industry with annual sales of about $1.2 billion.
 
The transaction, which is subject to various conditions, including labor group consultations and other regulatory requirements, has been structured in three steps

  • Wabtec has made an irrevocable offer to the owners of approximately 51% of Faiveley Transport’s shares for a purchase price of €100 per share, payable 25% in cash and 75% in Wabtec preferred stock. The preferred stock will have a 1% annual dividend or, if greater, the dividend assuming full conversion into common shares, and must be converted after three years into Wabtec common shares at an implied ratio of one Faiveley Transport common share for 1.125 Wabtec common shares. Shareholders owning 51% of Faiveley Transport have entered into exclusive discussions with Wabtec.
  • Upon completion of required labor group consultations, Wabtec expects that the 51% shareholders will enter into
  • ...

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