31st
October 2007 - WABCO Officially Opens
First Fully-Owned Chinese Manufacturing Facility
WABCO, 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 DaimlerChrysler 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. Web
site:
www.wabco-auto.com.
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.
Source: WABCO Press Release