Westinghouse Air Brake Technologies : 5/11/2016 Wabtec Increases Dividend 25%; Shareholders Approve Company Proposals At Annual Meeting
May 11, 2016 at 05:09 pm EDT
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WILMERDING, PA, May 11, 2016 - Wabtec Corporation (NYSE: WAB) today increased its regular quarterly dividend to 10 cents per share, from 8 cents per share. The new dividend rate will be payable initially Aug. 29, 2016 to shareholders of record Aug. 15, 2016.
Raymond T. Betler, Wabtec's president and chief executive officer, said: 'Based on our current financial performance and future outlook, the company has ample financial strength to invest in growth opportunities and to return a greater portion of our cash flow to shareholders. We intend to continue to review our policies periodically based on Wabtec's ongoing performance and growth prospects.'
Also today, at the company's annual meeting in Pittsburgh Wabtec shareholders elected three directors and approved other company proposals. Directors elected were: Robert J. Brooks, William E. Kassling and Executive Chairman Albert J. Neupaver.
In addition, shareholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the 2016 fiscal year, approved a non-binding proposal relating to executive compensation, and re-approved the 2011 Stock Incentive Plan for French law purposes.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and 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.
Wabtec Corporation published this content on 11 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 May 2016 21:07:13 UTC.
Original documenthttps://www.wabtec.com/press-releases/7168/wabtec-increases-dividend-25-shareholders-approve-company-proposals-annual
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Westinghouse Air Brake Technologies Corporation is one of the world's leading suppliers of value-added technological equipment, systems and services for the transportation sector. The activity is aorganized primarily around 4 families of products and services:
- electronics and special products: including electronic positive train control and pneumatic braking systems, event recorders, monitoring equipment, couplings, gears, couplers, air compressors and heat exchangers;
- transit products: heating, ventilation and air conditioning equipment, doors for buses and metro cars, pantographs, window assemblies, couplers, traction motors, etc.;
- brake components and friction products;
- refurbishment, overhaul and construction services: suburban locomotive construction and switching, overhaul and refurbishment of buses, subway cars and locomotives.
Net sales per market are divided between rail freight transport (71.9%), bus, metro and high-speed train transport (28.1%).
Net sales are distributed geographically as follows: the United States (47%), North America (9.1%), Europe (17%), South America (3.6%), Africa (1.1%) and other (22.2%).