WILMERDING, Pa., June 22 /PRNewswire-FirstCall/ -- Wabtec Corporation (NYSE: WAB) has formed a joint venture in China to manufacture couplers for the Chinese transit market. Following its formation, the joint venture received its first order, a $7 million contract to provide couplers for subway cars for the Hangzhou Metro line in Zhejiang province.
"With this JV and its first contract, we have continued to increase our presence in China, one of the fastest-growing rail markets in the world," said Albert J. Neupaver, Wabtec's president and chief executive officer. "This rapidly growing market offers significant growth potential, as we develop ways to leverage our technology and product expertise."
The joint venture, Wabtec Golden Bridge Transportation Technology Company, is owned by Wabtec and Hangzhou Golden Bridge Railway Equipment Co., Ltd., which has operational and marketing expertise in the Chinese transit market.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. 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.
SOURCE Wabtec Corporation