WILMERDING, Pa., Nov. 4 /PRNewswire-FirstCall/ -- Wabtec Corporation (NYSE: WAB) said its Vapor Rail unit has signed a contract valued at about $30 million to supply electric, sliding plug doors for 440 subway cars to be built by Hyundai Rotem for the Marmaray project in Istanbul, Turkey. The doors will be delivered beginning in 2010, with the order expected to be completed in 2012.
The $4 billion Marmaray project, which includes construction of the world's deepest tube tunnels, will connect the European and Asian sections of Istanbul upon completion in 2012. The plan includes a new, 8.5-mile section and the upgrading of 39 miles of suburban train lines.
"We're pleased to be working with Hyundai Rotem on this high-profile program," said Albert J. Neupaver, Wabtec's president and chief executive officer. "We have taken important steps toward building a global rail door business, and this contract represents significant progress in our efforts."
In 2009, Wabtec created a global Center of Excellence for rail doors, with headquarters at Vapor Rail's Montreal office, and manufacturing facilities in Plattsburgh, N.Y., and Sassuolo, Italy. Luc J. Fouquette was named managing director of Vapor Rail, with responsibility for growing the global rail door business. Fouquette joined Wabtec in 2008, after nearly 20 years with Bombardier.
In announcing this appointment, Raymond T. Betler, vice president and group executive, transit, said: "With our cost-effective, highly engineered, high-quality systems and services, we are the leading supplier of rail doors in North America. Our vision is to expand Vapor Rail's existing international presence to become the global leader."
Wabtec Corporation (www.wabtec.com) is a global provider of value-added, technology-based products and services for the rail and transit industry. 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.
SOURCE Wabtec Corporation
