Wabtec Expands Presence in China with Joint Venture for Friction Products
17th December, 2008
Wabtec Corporation (NYSE: WAB) has formed a joint venture in China, Beijing Wabtec Huaxia Technology Company Ltd., to manufacture friction products for the Chinese rail market.
"With this investment, we are expanding Wabtec's presence in China, the largest rail market outside of North America," said Albert J. Neupaver, Wabtec's president and chief executive officer. "The new company will be supported with the technology and manufacturing expertise of Wabtec's leading, worldwide friction business, now located on five continents. The Chinese market is rapidly growing, and we expect this joint venture to be a catalyst that will enable us to participate in that growth over time."
Wabtec's joint venture partner is Beijing Huaxia United Friendship New Technology of Electrification Development Co., Ltd., a leading manufacturer of friction products for the mainline railway and mass transit markets in China.
Wabtec Corporation is a global provider of value-added, technology-based products and services for the rail 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. The company has facilities located throughout the world.
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