Westinghouse Air Brake Technologies Corporation, known as Wabtec, is a global provider of technology-based equipment, systems, and services for the freight rail and passenger transit industries, as well as the mining, marine, and industrial sectors. The company's core business model focuses on manufacturing and servicing locomotives, freight cars, and passenger transit vehicles. Wabtec's primary revenue streams are derived from the sale of new and modernized locomotives, aftermarket parts and services, and digital solutions.

Wabtec holds a leading market position in the manufacturing of locomotives and transit equipment, with a competitive advantage stemming from its long history of innovation and its diverse product portfolio. The company operates in over 50 countries, serving a wide range of customers including publicly traded railroads, transit authorities, and leasing companies.

The competitive landscape includes major players such as Knorr-Bremse AG, Electro-Motive Diesel, and Amsted Rail Company, with competition based on price, product performance, and technological leadership.

• Employees: Approximately 29,000 (excluding contingent workers) (as of December 31, 2023)
• Geographic Footprint: Operations in over 50 countries
• Headquarters: Pittsburgh, Pennsylvania
• Founded: 1869 (as Westinghouse Air Brake Co.)
• Number of locations/facilities: Not explicitly stated
• Revenue: $9.68 billion (FY2023)
• Market capitalization: Approximately $19.4 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Faiveley Transport, GE Transportation, L&M Radiator, Inc.

• CEO: Rafael Santana
• CFO: John A. Olin
• Executive Vice President and Chief Human Resources Officer: Nicole Theophilus
• Executive Vice President and Chief Technology Officer: Eric Gebhardt
• Executive Vice President, Sales & Marketing & Chief Commercial Officer - Americas: Gina Trombley
• Board Chair: Albert J. Neupaver

Rafael Santana has served as CEO since July 1, 2019. John A. Olin joined as CFO effective October 1, 2021. Other executives have varied tenures and experience in relevant industries.

• Annual Revenue: $9.68 billion (FY2023)
• Net Income: $815 million (FY2023)
• Market Cap: $19.4 billion (estimated, as of June 30, 2023)
• Total Assets: $18.988 billion (as of December 31, 2023)
• Number of Employees: Approximately 29,000 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 15.7% year-over-year, driven by organic growth and strategic acquisitions. The Freight Segment accounted for 72% of total net sales, with 66% of the Freight Segment's net sales in the aftermarket. The Transit Segment accounted for 28% of total net sales, with 55% of the Transit Segment's net sales in the aftermarket.

Wabtec offers a diverse range of products and services across both the Freight and Transit segments:

• Equipment: Diesel-electric, battery, and liquid natural gas powered locomotives, engines, electric motors, and marine and mining products.
• Digital Intelligence Products: Positive Train Control (PTC) equipment, railway electronics, signal design and engineering services, train performance and transport intelligence solutions, and network optimization.
• Components: Freight car trucks and braking equipment, air compressors and dryers, heat transfer components, track and switch products, and turbochargers.
• Services: Freight locomotive overhauls, modernizations and refurbishment, master service agreements, transit locomotive and car overhaul, and maintenance of way equipment services.
• Transit Products: Railway and freight braking equipment, friction products, heating, ventilation and air conditioning equipment, access doors and platform screen doors, and pantographs.

The company is also focused on developing sustainable solutions, including battery-electric locomotives and hydrogen technologies.

Wabtec operates through two primary business segments:

• Freight Segment: Primarily manufactures new and modernized locomotives, provides aftermarket parts and services, and builds new commuter locomotives. This segment accounted for approximately 72% of Wabtec's total net sales in 2023, with approximately 66% of its sales in the aftermarket.
• Transit Segment: Primarily manufactures and services components for new and existing passenger transit vehicles, supplies rail control and infrastructure products, and refurbishes passenger transit vehicles. This segment accounted for approximately 28% of Wabtec's total net sales in 2023, with approximately 55% of its sales in the aftermarket.

Wabtec's business strategy focuses on generating sufficient cash to invest in growth while maintaining product value and customer responsiveness. Key strategic priorities include:

• Accelerating innovation of scalable technologies, including zero-emissions operations, automation and digitization, and advanced supply chain visibility.
• Growing and refreshing the expansive installed base by increasing sales through direct channels, strategic acquisitions, and joint ventures.
• Leading the decarbonization of rail through the development of low-emitting locomotives and alternative fuels.
• Expanding high-margin recurring revenue streams by leveraging the company's installed base for aftermarket sales.
• Driving continuous operational improvement by implementing Lean principles and streamlining processes.

The company is also focused on integrating recent acquisitions and realizing operating synergies.

Wabtec primarily serves the global freight rail and passenger transit industries, which are influenced by factors such as economic conditions, traffic volumes, government spending, and investment in new technologies.

• Primary Industry: Freight Rail and Passenger Transit
• Market Position: A leading global provider of technology-based equipment, systems and services for the rail and transit industries.
• Key Competitors: New York Air Brake Company, Amsted Rail Company, Electro-Motive Diesel, Knorr-Bremse AG, and CRRC Corporation Limited.
• Industry Trends: Urbanization, growth in developing markets, sustainability, investment in technology, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit. The rail supply industry is expected to see a compound annual growth rate of 3% through 2027.

• Dependence on Key Customers: The company relies on several key customers, and a reduction in their demand could adversely affect business and financial results.
• Competitive Industry: The company operates in a highly competitive market, and may not be able to compete effectively if competitors develop more efficient or effective products.
• Failure to Predict and React to Customer Demand: Inability to accurately forecast demand or react to changes in demand could lead to delayed shipments, customer dissatisfaction, and excess inventory.
• Supply Chain Disruption: Disruptions to the supply chain, including third-party manufacturing and transportation, could impair the ability to manufacture or sell products.
• International Operations: A significant portion of sales are derived from international operations, which exposes the company to risks such as currency fluctuations, trade restrictions, and political instability.