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Rail News: Mechanical

Wabtec commemorates 10th anniversary as public company


Tomorrow, Wabtec Corp. officials will ring the closing bell at the New York Stock Exchange to mark the 10th anniversary of the company’s initial public offering.

After Westinghouse Air Brake Co. (WABCO) went public in 1995, the company completed a series of acquisitions. In 1999, the firm merged with MotivePower Industries to form Wabtec. This year, Wabtec's annual revenue will total about $1 billion compared with WABCO’s 1995 revenue of $400 million.

“We're proud to celebrate our 10th anniversary on the New York Stock Exchange," said Wabtec Chairman, President and Chief Exceutive Officer William Kassling in a prepared statement.

In 1990, Kassling led a management buyout of the former Westinghouse Air Brake division of American Standard Corp. and formed WABCO. George Westinghouse formed Westinghouse Air Brake in 1869 after inventing the air brake.

Today, Wabtec subsidiaries supply locomotive, freight car and transit vehicle components; build switchers and commuter locomotives; and provide locomotive and car aftermarket services.

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More News from 12/13/2005