Wabtec Corporation

Wabtec Corporation
Public
Traded as NYSE: WAB
Industry Rail industry
Founded 1999 (1999) via merger
Headquarters Wilmerding, Pennsylvania[1], USA
Number of locations
 Various : USA, Europe, Canada, Mexico, Australia, South America. ~50 plants[1]
Key people
 Albert J. Neupaver (Executive Chairman)
Raymond T. Betler (President and CEO)
Patrick D. Dugan (Senior Vice President and CFO)[2]
Products Rail braking systems, locomotives, air condition and heat exchanging systems, other rolling stock components[1]
Services Locomotive servicing, overhaul and repair[1]
Revenue Increase US$ 2566.392 million (2013)[3]
Increase US$ 437.310 million (2013)[3]
Increase US$ 292.235 million (2013)[3]
Total assets Increase US$ 2821.997 million (2013)[3]
Total equity Increase US$ 1587.167 million (2013)[3]
Number of employees
 ~8500[1]
Divisions Motive Power Inc.
Website www.wabtec.com

Wabtec Corporation (derived from Westinghouse Air Brake Technologies Corporation) is an American company formed by the merger of the Westinghouse Air Brake Company (WABCO) and MotivePower Industries Corporation in 1999. It is headquartered in the Pittsburgh suburb of Wilmerding, Pennsylvania.

Wabtec manufactures products for locomotives, freight cars and passenger transit vehicles, and builds new locomotives up to 4,000 horsepower (3 MW).

History

The company's origins go back as far as 1869 with the foundation of the Westinghouse Brake Company. That company (also known as WA&B later as WABCO) became independent in 1990 via a management buy-out, and went public in 1995.[4] Another company, WABCO Vehicle Control Systems, also created from the Westinghouse Brake Company, is independent of Wabtec and was spun off by American Standard Companies (the ultimate owner) in 2007.

The other company forming Wabtec, MotivePower Industries, can be traced back to 1972, with the formation of a Rail Systems Group by the Morrison Knudsen group and the purchase of a manufacturing facility in Boise. In 1994 Morrison Knudsen created a subsidiary MK Rail Corporation; during the first half of the same decade the MK Rail group expanded with the acquisition of various other locomotive component companies. In 1996, MK Rail group is separated from the parent Morrison Knudsen and adopted the name MotivePower Industries Corporation. In the later half of the 1990s further companies were acquired – again all in the locomotive components business.[5]

In March 2010, Wabtec announced that it had purchased Xorail, a railway signaling design and construction company.[6]

In July 2010, Wabtec announced that it had purchased two manufacturers of rail equipment, Bach-Simpson Corp. and G&B Specialties. The companies produce locomotive components and track products respectively. The purchase price was reportedly US$48 million.[7]

In November 2010, Wabtec acquired all of the assets of Cleveland, Ohio, based manufacturer of traction motors and electric coils for rail and power generation markets Swiger Coil Systems.[8]

On July 27, 2015, Wabtec announced that it plans to purchase Faiveley Transport S.A. in a cash-and-stock deal valued at $1.8 billion, including debt.[9]

United Kingdom

Brush Traction

On February 28, 2011, Wabtec announced that it had acquired Brush Traction, an English locomotive builder and maintainer, for US$31 million.[10]

Bearward Engineering

In November 2011, Wabtec acquired Bearward Engineering Ltd , an industrial radiator manufacturer employing some 600 people based in Northampton, England. Bearward Engineering primarily supplies the power generation market with uniquely designed cooling systems. At the time of purchase Bearward had an annual turnover of US$70 million.[11]

Wabtec Rail UK

Wabtec Rail Limited is a railway engineering company based in Doncaster, South Yorkshire, England. Services include the overhaul and repair of railway rolling stock and components. Wabtec Rail occupies part of the former British Rail Engineering site known locally as the Plant Works. The two main unions on site (Unite and RMT) gave notice on November 3, 2014, of their intention to ballot their members for industrial action over a pay dispute, for the first time in Wabtec Rail Limited's history.[12]

Wabtec Rail Scotland

Wabtec Rail Scotland occupies the Kilmarnock works of the former locomotive builder Andrew Barclay Sons & Co..

Lh Group Services Ltd

Wabtec announced the US$48m acquisition of diesel engine, transmission and bogie overhaul and industrial locomotive supplier LH Group on October 2, 2012. The LH Group companies are to become part of Wabtec Rail Group, which includes Wabtec Rail Ltd, Wabtec Rail Scotland and Brush Traction.

Based at Barton under Needwood in Staffordshire, UK. LH has around 400 employees and annual sales of US$65m, about 10% of which are in non-rail markets.

See also

References

  1. 1 2 3 4 5 Wabtec corporation – fast facts wabtec.com
  2. ↑ "Corporate Management". Wabtec Corporation. Retrieved May 17, 2014.
  3. 1 2 3 4 5 "Wabtec Corporation 2013 financial summary" (PDF). Retrieved May 17, 2014.
  4. ↑ Wabtec corporation – History wabtec.com
  5. ↑ MotivePower Wabtec – history motivepower-wabtec.com
  6. ↑ http://www.railwaygazette.com/news/single-view/view/wabtec-buys-signalling-supplier-xorail.html
  7. ↑ "Wabtec buys rail equipment makers". Trains Magazine. July 15, 2010. Retrieved July 15, 2010.
  8. ↑ "Wabtec Acquires Swiger Coil Systems, a Leading Manufacturer of Traction Motors, Electric Coils". Trading Markets. Retrieved November 8, 2010.
  9. ↑ "Wabtec to buy Faiveley Transport for $1.8 billion, including debt". Reuters. July 27, 2015. Retrieved July 27, 2015.
  10. ↑ "Wabtec buys Brush Traction". Railway Gazette. February 28, 2011. Archived from the original on February 28, 2011. Retrieved February 28, 2011.
  11. ↑ "Wabtec Acquires Bearward Engineering," (PDF) (Press release). Wabtec. November 3, 2011. Retrieved April 11, 2012.
  12. ↑ "Wabtec Rail UK". Wabtecrail.co.uk. Retrieved 2014-03-25.

External links

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