Wabtec

The company's origins go back to 1869 with the foundation of the Westinghouse Air 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.[8] 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.[9]

The other company forming Wabtec, MotivePower Industries, can be traced back to 1972,[10] with the formation of the MK Rail division 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.[11] In 1996, MK Rail group separated from the parent Morrison Knudsen and adopted the name MotivePower Industries Corporation.[12] In the later half of the 1990s further companies were acquired – again all in the locomotive components business.[13] MotivePower, a wholly owned subsidiary of Wabtec, continues to manufacture locomotives.

The corporate logo is supposed to represent an axial view of a mechanical brake valve, where different air ports line up between the 'stator' and 'rotor' depending upon the handle position.

In March 2010, Wabtec announced that it had purchased Xorail, a railway signaling design and construction company for $40 million.[14][15]

In July 2010, Wabtec announced the plan to purchase two manufacturers of rail equipment, Bach-Simpson Corp. and G&B Specialties.[16] The companies produce locomotive components and track products respectively. The acquisition of G&B Specialties was completed on July 28, 2010, for approximately $31.8 million. The acquisition of Bach-Simpson Corporation was completed on August 20, 2010 for approximately $12.0 million.[17]

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 for approximately $43.0 million.[18]

On June 14, 2012, Wabtec acquired Mors Smitt Holding for a purchase price of $88.4 million.[19]

On June 6, 2014, Wabtec acquired Fandstan Electric Group, a rail and industrial equipment manufacturer, for a purchase price of $199.4 million.[20] On August 21, 2014, Wabtec acquired Dia-Frag, a manufacturer of friction products including motorcycle braking, for a purchase price of $70.6 million.[20]

On June 17, 2015, Wabtec acquired all three units of Metalocaucho (MTC, in Spain, China and India) who are leaders in the field of suspension and anti-vibration systems, for a purchase price of $23.4 million.[21] On July 27, 2015, Wabtec announced that it plans to purchase 51% of Faiveley Transport's shares in a cash-and-stock deal valued at $1.8 billion, including debt.[22][23] The deal closed on December 1, 2016, for a total of $1.7 billion.[24]

On October 12, 2015, Wabtec announced its acquisition of lineside sensor manufacturer Track IQ. [25]

On April 20, 2018, it was reported that General Electric (GE), undergoing a strategic review, was in talks to sell its century-old locomotive business, GE Transportation, to Wabtec, according to people familiar with the matter.[26]

On May 21, 2018, GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal, completed on February 25, 2019, that saw Wabtec shareholders take a 50.8% shareholding in the merged company, with GE shareholders owning 24.3% and GE itself 24.9%.[27][28]

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