WABCO Goes Public with Listing on New York Stock Exchange
Aug 1, 2007 5:02 PM
WABCO, 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.”
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).
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