UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) February 21, 2008
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 1-13782 | 25-1615902 | |
| (Commission File Number) | (IRS Employer Identification No.) |
| 1001 Airbrake Avenue Wilmerding, Pennsylvania |
15148 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(412) 825-1000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. | Other Events. |
On February 21, 2008, Westinghouse Air Brake Technologies Corporation (the “Company”) issued a press release announcing that the Board of Directors has authorized the repurchase of an additional $100 million of the Company’s outstanding shares. The Company intends to purchase these shares on the open market or in negotiated or block trades. No time limit was set for the completion of the program, which qualifies under the company’s credit agreement as well as the bond indenture for its currently outstanding debt. In July 2006, the Company’s Board of Directors authorized a $50 million share repurchase program. Since then, the Company has repurchased about 1.2 million shares for about $37 million. Including the additional authorization, the Company can repurchase up to another $113 million of the company’s outstanding shares. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 8.01 by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
The following exhibit is furnished with this report on Form 8-K:
| Exhibit No. |
Description | |
| 99.1 |
Press release dated February 21, 2008. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | ||||
| By: | /s/ Alvaro Garcia-Tunon | |||
| Alvaro Garcia-Tunon | ||||
| Chief Financial Officer | ||||
| Date: February 21, 2008 | ||||
EXHIBIT INDEX
| Number |
Description |
Method of Filing | ||
| 99.1 |
Press release dated February 21, 2008 | Filed herewith. |
Exhibit 99.1
 |
News Release |
Wabtec Adds $100 Million To Existing Share Repurchase Program
WILMERDING, PA, February 21, 2008 – Wabtec Corporation (NYSE: WAB) today announced that its Board of Directors has authorized the repurchase of an additional $100 million of the company’s outstanding shares. The company intends to purchase these shares on the open market or in negotiated or block trades. No time limit was set for the completion of the program, which qualifies under the company’s credit agreement as well as the bond indenture for its currently outstanding debt.
In July 2006, Wabtec’s board authorized a $50 million share repurchase program. Since then, the company has repurchased about 1.2 million shares for about $37 million. Including the additional authorization, Wabtec can repurchase up to another $113 million of the company’s outstanding shares.
“The Board’s decision to expand the buyback to a total of $150 million reflects their confidence in our prospects for 2008 and beyond, as well as our belief that the stock is a good value,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “With our operations performing well, a $1 billion backlog of future business and strong cash flow, we have ample capacity to invest in our own stock, as well as internal growth opportunities and acquisitions around the world.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for the rail 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.
| Tim Wesley |
Phone: 412.825.1543 | Wabtec Corporation | ||||||
| E-mail: twesley@wabtec.com | 1001 Air Brake Avenue | |||||||
| Website: www.wabtec.com | Wilmerding, PA 15148 |