WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB)

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation, is a Pittsburgh, Pennsylvania-based Delaware corporation and one of the world's largest providers of value-added, technology-based locomotives, equipment, systems and services for the global freight rail and passenger transit industries, also serving customers in mining, marine, and industrial markets, with approximately 27,000 employees and operations in over 50 countries. Built through organic growth and major acquisitions—including the 1999 merger with MotivePower Industries, the 2017 acquisition of Faiveley Transport, and the 2019 acquisition of GE Transportation—the company operates through two principal segments: the Freight Segment, which manufactures new locomotives, aftermarket parts and services, freight car components, rail control and infrastructure products including positive train control equipment, software-enabled solutions for transportation and mining industries, locomotive overhauls, and heat exchangers/cooling systems, serving railroads, leasing companies, original equipment manufacturers, utilities, and mining, marine, and industrial customers (approximately 72% of 2022 net sales, with 56% in the U.S. and 66% aftermarket); and the Transit Segment, which manufactures and services components for passenger transit vehicles such as regional and high-speed trains, subway cars, light-rail vehicles and buses, along with rail control/infrastructure products and vehicle refurbishment, serving public transit authorities, municipalities, leasing companies, and vehicle manufacturers (approximately 28% of 2022 net sales, with 17% in the U.S. and about half in aftermarket). Its product portfolio spans diesel-electric, battery, and LNG-powered locomotives, engines and propulsion systems, digital and electronic products including PTC equipment, railway electronics, signal design, train performance and network optimization software, freight car trucks and braking equipment, couplers, air compressors, heat exchangers, track and switch products, locomotive overhaul and modernization services, HVAC equipment, pantographs, doors, passenger information systems, and bus and ferry electric charging solutions.

With an installed base of more than 23,000 locomotives, Wabtec generates roughly 60% of total net sales from higher-margin, recurring aftermarket parts and services, and it is investing heavily in decarbonization technologies such as battery-electric locomotives, alternative fuels, and digital/data analytics solutions to serve global freight and transit markets, targeting growth in international regions including Australia, Brazil, China, Egypt, India, South Africa, Europe and South America; total backlog stood at approximately $22 billion at year-end 2022.