SHANGHAI, PRC and NEW YORK – August 1, 2007 – WABCO (NYSE: WBC), a leading global provider of electronic braking, stability, suspension and transmission control systems for commercial vehicles, will make its debut on the New York Stock Exchange today, trading under the symbol WBC.
WABCO, with revenues of approximately $2 billion in 2006, previously operated as the Vehicle Control Systems business of American Standard Companies (NYSE: ASD). American Standard announced plans to spin off the business on February 1, and completed the separation yesterday, exactly six months later. WABCO was originally part of the Westinghouse Air Brake Company founded in 1869 and was acquired by American Standard in 1968.
"WABCO's progress has been fueled by consistent strategies, innovative products and a relentless focus on customers," said Jacques Esculier, former president of the Vehicle Controls Systems business and now CEO of WABCO Holdings Inc. "I am proud that our evolution to date has positioned us for this new status as a public company. We are well-equipped to continue to strengthen our business by further improving the way we serve our clients, and focusing on expanding opportunities in the global commercial vehicle industry."
Fred Poses, chairman and CEO of American Standard Companies, said, "WABCO now has the size, global reach and organizational talent to succeed on its own and is well-positioned to build on its industry leadership."
Since its invention of anti-lock braking systems (ABS) for commercial vehicles in cooperation with DaimlerChrysler in 1981, WABCO has successfully grown its top-line with advanced technologies focused on improving the performance, safety and efficiency of commercial vehicles. These include the first electronically controlled air suspension (ECAS) system; first commercial vehicle automated manual transmission controls system; first electronic stability control (ESC) system; and the first integrated vehicle tire pressure monitoring (IVTM) system developed in partnership with Michelin.
The company is pursuing growth strategies in emerging markets such as China, India and Eastern Europe, as well as expanding its commercial vehicle aftermarket participation. These growth drivers and areas of focus have helped WABCO generate a compound annual growth rate (CAGR) in revenue of 8 percent over the last five years (excluding foreign exchange impact).
With 12 manufacturing facilities in nine countries, WABCO is focused on continually improving its operations environment through its WABCO Operating System (WOS). This includes implementing the "Lean" philosophy across the supply chain, adherence to Design for Six Sigma (DFSS) tools in product development, customer partnership initiatives and advanced management systems to ensure accountability across the organization.
"We are continually improving our performance and aligning our global operations to best serve our strong balance of customers in different markets and regions worldwide," said Esculier. "We will continue to deliver the innovative products and outstanding service that our commercial vehicle customers expect and look forward to bringing the WABCO brand of advanced technology and service to new markets."
Leon Liu, president WABCO Asia Pacific where the company operates five manufacturing facilities in China, Korea and India either as fully-owned subsidiaries or joint ventures, added: "eing strong in Asia is essential for WABCO's global business success. We will continue our strategy of building strong customer partnerships and strengthening our regional capabilities in manufacturing, sourcing, and product development. We remain fully committed to the Asian market and to best serving our customers."
