(By Balaseshan) Wabtec Corp. (NYSE: WAB), which provides technology-based products and services for rail and industrial markets, said it has signed contracts to provide components for 300 subway cars to New York City.
Wabtec said it will provide components for 300 subway cars being supplied by Bombardier Transportation, which is the rail equipment division of Bombardier Inc. (TSE: BBD.B),to MTA New York City Transit under the R-179 order.
The pilot cars are scheduled to be delivered at the end of 2014, with delivery of the production series cars beginning in mid-2015.
For the cars, Wabtec units will provide brakes, couplers and current collectors (Wabtec Passenger Transit), and event recorders and speed indicators (Bach-Simpson).
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"This is another significant project to expand and modernize a portion of the subway car fleet in New York City, and we're pleased to work with Bombardier Transportation to help MTA achieve its objectives," said Albert Neupaver, chief executive of Wabtec.
Westinghouse Air Brake Technologies Corp., doing business as Wabtec, 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.
WAB is trading up 0.36% at $89.45 on Wednesday. The stock has been trading between $66.29 and $91.39 for the past 52 weeks.