The company completed four strategic acquisitions in 2024 for a combined purchase price of $168 million. These acquisitions are aimed at expanding Wabtec's product offerings and market presence in both the Freight and Transit segments (Item 7).

Wabtec is implementing Integration 2.0, a multi-year strategic initiative, and Portfolio Optimization to consolidate operations, reduce headcount, and exit low-margin product offerings. These initiatives are expected to generate incremental run rate synergies (Item 7).

Wabtec announced Integration 3.0, a three-year strategic initiative to target incremental run rate synergies estimated to be between $100 million to $125 million by 2028. The scope of the review includes consolidating our footprint via value chain improvement and facility rationalization, reducing headcount, expanding operating capacity in low-cost countries, and streamlining administrative and commercial activities. (Item 7).

Wabtec emphasizes continuous improvement to drive cost competitiveness and accelerate Lean principles. Lean is embedded in the culture and is fundamental to how the company executes its strategy (Item 1).

The company reached an agreement with the UE in August 2023, ending a labor strike. The company continuously monitors its labor activity (Item 1).

The Company detected a cyber-security incident which impacted the Company's network. The Company promptly activated incident response protocols and completed a thorough investigation. The incidents did not have a material impact on our business, operations or financial results (Item 1C).

The company relies on several key customers who represent a significant portion of its business. The loss of any one or more key customers or a reduction in their demand could have a material adverse effect on the company's financials (Item 1A).

Unfavorable general economic and market conditions in the United States and internationally, particularly in our key end markets, could have a negative impact on our sales and operations (Item 1A).

Given the nature of our business and our global operations, political, economic, and other conditions in foreign countries and regions, may adversely affect our business and results of operations (Item 1A).

The company faces substantial competition from established competitors, some of which may have greater financial resources, more extensive low-cost sourcing strategies, or receive significant governmental support (Item 1A).

Wabtec has taken significant steps to drive fuel efficiency in global transport and make our world safer, smarter and greener. Wabtec is advancing our sustainability priorities both through our own commitments to our people, communities, and planet, as well as by innovating next generation technologies that reduce (Item 1).

Wabtec has been transforming the rail landscape through various innovations and technologies for over 150 years. We have a long history of advancing technologies to meet customer needs and have been recognized for the development and production of locomotives, equipment, including PTC equipment, and systems for the freight rail and passenger transit industries (Item 1).

The Integration 2.0 initiative is designed to consolidate the operating footprint, reduce headcount, streamline manufacturing processes, and expand operations in low-cost countries (Item 7).

Damage or disruption to our supply chain, including third-party manufacturing or transportation and distribution capabilities, could impair our ability to manufacture or sell our products (Item 1A).

We focus on driving continuous operational improvement across the organization by sharing best practices, instilling a culture of learning, problem solving and constant improvement, and driving standard operating practices (Item 1).

Our early investment in data analytics and software has allowed us to become a strategic partner for customers looking to derive new value from existing assets, digitally transform their operations and enhance their network optimization (Item 1).

We continue to emphasize innovation and development funding to create new products and capabilities to increase customer productivity, efficiency, capacity, utilization and safety, such as the hydrogen powered locomotive, vehicle monitoring and data analytics (Item 1).

In recent years, the global transportation landscape has been characterized by rapid changes in technology, leading to innovative developments in transportation and logistics that could change the way the railway industry does business (Item 1A).

For the years ended December 31, 2024, 2023 and 2022, we invested $206 million, $218 million and $209 million, respectively, in engineering for product development and improvement activities (Item 1).

In 2024, cash used for financing activities was $(1,371) million, which included $(64) million from net changes in debt, $(1,097) million of stock repurchases, $(140) million of dividend payments (Item 7).

On December 3, 2024, the Board of Directors authorized an additional $1.0 billion to the Company's existing stock repurchase program for stock repurchases of the Company's outstanding shares (Item 5).

Wabtec is committed to creating sustainable value through innovative rail technologies and responsible business practices. Our mission to unlock our customers' potential by delivering innovative and lasting transportation solutions underpins our sustainability strategy (Item 1).

Wabtec is helping customers transition to a more utilized, efficient, and low-carbon rail network. Alternative clean energy technologies are critical in the fight against climate change and reducing greenhouse gas emissions (Item 1).

Many governments, regulators, investors, employees, customers and other stakeholders are focused on environmental, social and governance considerations relating to businesses (Item 1A).

The railway industry historically has been subject to significant fluctuations due to overall economic conditions, the use of alternate methods of transportation and the levels of government spending on railway projects (Item 1A).

As growth continues, Wabtec expects to have additional opportunities to provide products and services in these markets. New technologies offered by Wabtec can provide solutions to improve safety, cost and reliability of rail, as well as support the modernization of the global rail fleets (Item 1).

A protectionist trade environment in either the United States or those foreign countries in which we do business, such as a change in the current tariff structures, export compliance or other trade policies, may adversely affect our business (Item 1A).