QINGDAO, PEOPLE’S REPUBLIC OF CHINA, October 31, 2007 – WABCO Holdings Inc. (NYSE: WBC), one of the world’s leading providers of electronic braking, stability, suspension and transmission control systems for heavy duty commercial vehicles, today officially opened its first fully-owned manufacturing facility in China. The company’s $35 million investment in Qingdao demonstrates WABCO’s continued commitment to serving the country’s commercial vehicle industry, and the importance of China as an export platform for the entire Asia Pacific region, North America and Europe.
The Qingdao facility currently employs 240 people in the production of electronic and advanced commercial vehicle systems, including Anti-Lock Braking Systems (ABS), compressors and other braking devices for domestic and global markets. The workforce is expected to increase to over 1,000 people by 2012.
WABCO co-pioneered ABS technology for trucks, trailers and buses with Daimler in 1981 and is the first international company to manufacture Anti-Lock Braking Systems (ABS) for commercial vehicles in China following the introduction of legislation mandating ABS in 2005.
In a ceremony attended by customers, government officials, media and employees, WABCO chief executive officer Jacques Esculier emphasized the region’s importance. “Qingdao is leading WABCO’s efforts to build a truly global supply chain and is a Center of Excellence for Six Sigma Lean advanced management processes for quality and cost-efficiency. I am proud to bring WABCO technology to China and support the country’s effort to enhance transport safety and efficiency, as well as contributing to a better environment.
“The Asia Pacific region produces more trucks than Europe or North America. To respond to this demand, we will continue to adapt our technology and technical expertise to local requirements and invest in production facilities and people,” Esculier said.
Leon Liu, regional president for Asia Pacific, said: “Our ABS technology helps improve safety while our advanced compressor technology supports China’s transition from a Euro2 to a Euro3 environment by reducing emissions and improving fuel-economy. All our products contribute to the Chinese government’s objective of sustainable development.”
WABCO has been present in the Asia Pacific region since 1977. Today the company operates five advanced facilities that manufacture to world-class quality and performance levels. Customers of the Qingdao facility include CNHTC, DFM, Kinglong, Foton, Yutong, CIMC and DCEC in China; Nissan Diesel, Hino and Isuzu in Japan; HMC in Korea and Meritor WABCO in the U.S.
“We are honored to have many deep relationships with truck, bus and trailer manufacturers in the region, and to also serve multinational customers active here. We are committed to understanding local market trends and requirements, and providing OE and aftermarket products and services customers need and want throughout the life of their vehicles,” Liu added.
About WABCO
WABCO is one of the world's leading providers of electronic braking, stability, suspension and transmission control systems for heavy duty commercial vehicles. Customers include the world’s leading commercial truck, trailer and bus manufacturers. Founded in the U.S. in 1869 as Westinghouse Air Brake Company, WABCO was acquired by American Standard in 1968 and spun off in 2007. Headquartered in Brussels, Belgium, WABCO employs more than 7,000 people in 34 offices and production facilities worldwide. In 2006, WABCO’s total sales were $2 billion. WABCO is a publicly traded company and is listed on the New York Stock Exchange under the stock symbol WBC. WABCO in Asia Pacific
WABCO serves the Asia Pacific region from headquarters in Shanghai and five regional production facilities in India, Korea and the People’s Republic of China. Regional activity dates from the beginning of WABCO’s participation in the Sundaram-Clayton Limited joint venture in India in 1977, a joint venture originally formed in 1962, and the establishment of headquarters in Hong Kong in 1996. Today WABCO’s subsidiaries and joint ventures employ approximately 1,750 people in product development, sourcing, manufacturing and distribution, marketing, sales and aftermarket service in Asia Pacific. Production facilities include two at Sundaram-Clayton Limited, Chennai (Madras), India; a WABCO facility in Pyungtaek, Korea; the Shandong Weiming Automotive Products Ltd . (SWAP) joint venture facility in Jinan, and WABCO’s production and distribution center in Qingdao, both in the People’s Republic of China. Production facilities hold several recognized environmental, health and safety and quality certifications including ISO 14001 (environmental), ISO/TS 16949, ISO 9001/9002 and QA 9000 (quality) and OHSAS (health and safety). WABCO aftermarket support is provided at more than 55 service facilities.
Forward-Looking Statements
Comments in this document contain certain forward-looking statements, which are based on management's good faith expectations and beliefs concerning future developments. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the risks and uncertainties described in the "Risk Factors" section and the "Forward Looking Statements" section of WABCO's Information Statement included in the Form 10 filing made in connection with WABCO's spinoff from American Standard Companies Inc., as well as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward Looking Statements" section of WABCO's Form 10-Q Quarterly Report for the Quarter Ended June 30, 2007. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on Company estimates. For more information, reporters may contact:
Fred Spar, +1 212 521 4813, fred-spar@kekst.com For more information, investors and financial analysts may contact:
Mike Thompson, +32 (2) 663 9854, mike.thompson@wabco-auto.com Copyright © 2007 WABCO Holdings Inc. |
