5 posts tagged “wabco”
30/7/09
Source: http://au.sys-con.com/node/1054046
WABCO Holdings Inc. (NYSE: WBC), a global technology leader and tier-one supplier to the commercial vehicle industry, today reported that Q2 2009 sales totaled $316 million, down 59 percent from prior year and down 53 percent in local currencies due to the unprecedented continued severe slump in global demand for new commercial vehicles.
"As emerging markets such as China, Brazil and India are expanding their share of WABCO's total revenue, our strategy of investing in global expansion is proving to be increasingly powerful. As of Q2 2009, our second largest customer worldwide is China National Heavy Truck Corporation (CNHTC), the largest producer of heavy duty trucks in China," said Jacques Esculier, WABCO Chairman and Chief Executive Officer. "On June 3, 2009, we took majority control of WABCO-TVS in India, the leader in its market, further strengthening WABCO's capabilities to connect with and grow in the world's emerging markets."
"Emerging markets have been hit less hard by the industry's current downturn and are likely faster to recover, further powering WABCO's future growth. The European market suffers from both depressed demand for new commercial vehicles as well as a decline of around 15 percent in production due to inventory sell-off by original equipment manufacturers. Market conditions in the United States are weak but we expect these conditions to recover soon on a growth path," said Esculier.
WABCO reported a Q2 2009 gross profit margin of 21.4 percent versus 27.5 percent a year ago. Excluding separation and streamlining costs, performance gross profit margin was 22.6 percent versus 27.5 percent a year ago.
WABCO reported a Q2 2009 operating loss of $7.6 million versus operating income of $84.4 million a year ago. Performance operating income was a loss of $5.5 million, down from operating income of $93.2 million in prior year.
WABCO reported Q2 2009 Earnings Before Interest and Taxes (EBIT) at a loss of $15.3 million, down from $85.0 million of income a year ago. Performance EBIT loss was $1.6 million, down from $93.7 million of income a year ago.
"Even as the global commercial vehicle industry is facing its worst downturn in history, and despite the company's sales decline of 53 percent in local currencies versus a year ago, WABCO almost reached break-even at the operational level in Q2 2009, showing our powerful ability to perform," said Esculier. "Our achievements in Q2 2009 demonstrate that WABCO continues to move quickly to mitigate adverse market conditions while also making outstanding progress on our strategy of excellence in execution, global expansion and technology leadership."
"In Q2 2009, we achieved cost savings of $33 million in operating expenses, resulting in a reduction of approximately 25 percent year on year. Our WABCO Operating System also delivered $10.9 million of materials and conversion productivity, with materials productivity representing 5.4 percent of total materials cost and close to a record level, despite an unusually severe sourcing environment. As another mark of excellence in execution, in Q2 2009, we achieved zero defective parts-per-million on a greater number of production lines than ever before, which contributed to an overall improvement in quality," said Esculier.
On a U.S. GAAP basis, Q2 2009 reported a net loss of $17.4 million or $0.27 per diluted share versus net income of $67.0 million or $1.00 per diluted share a year ago. Excluding separation and streamlining costs, the one-time impact from the Indian joint venture transactions, and discrete and other one-time tax items, Q2 2009 resulted in a performance net loss of $4.7 million or $0.07 per diluted share versus performance net income of $75.5 million or $1.13 per diluted share a year ago.
WABCO generated $61.1 million in net cash from operating activities in Q2 2009 and $43.4 million of free cash flow.
"After three consecutive quarters in deeply depressed market conditions, we continue to generate strong operating cash flow, with $61.1 million in Q2 2009, further indicating WABCO's ability to execute efficiently and with maximum flexibility as we tightly manage working capital by reducing inventories and improving accounts receivable, among other measures," said Esculier.
"Despite the current global economic slump, WABCO continues to make outstanding strategic achievements, which we highlight as examples of our passion to rise to new challenges," said Esculier.
Recent Highlights
On July 15, 2009, WABCO announced that its new ESCsmart(TM) system is now approved for use in all 27 countries in the European Union and in 20 other countries worldwide where electronic stability control (ESC) for commercial vehicles is applied in accordance with the United Nations Economic Commission for Europe's Regulation 13 for braking. WABCO's ESCsmart system is the industry's most efficient method to certify ESC for trucks and buses. It is the industry's first technology that uses computational simulation to homologate ESC systems, avoiding the traditional approach to ESC homologation, which requires original equipment manufacturers to physically test all variants of vehicles. It substantially increases flexibility and saves significant time and labor for truck and bus makers.
On July 7, 2009, WABCO announced that the company was awarded a major contract to supply anti-lock braking systems (ABS) to KAMAZ, the largest manufacturer of commercial vehicles in the Russian Federation. In addition, KAMAZ has contracted WABCO to supply air disc brakes and actuators for their commercial vehicles.
WABCO disclosed in June 2009 that a new report by The Smart Cube, a global independent research firm, has identified WABCO as one of the five strongest and most financially stable companies in the U.S. automotive parts industry. Facing its most difficult operating environment in history, the automotive parts industry provides an opportunity for a few suppliers to emerge leaner, stronger, more financially stable and more competitive than ever before, according to The Smart Cube's analysis of financial metrics of 98 companies that are domiciled and publicly listed in the United States.
On June 3, 2009, WABCO reported that the company executed its previously announced plan to take majority control of award-winning WABCO-TVS (India) Ltd.
On May 22, 2009, WABCO's factory in Qingdao, China, was awarded "Enterprise of the Year 2008" for its outstanding contribution to economic development by the Qingdao Municipal Government, further strengthening WABCO's reputation as a brand of reference in China.
WABCO announced in Q2 2009 that the company has been awarded a contract by a major original equipment manufacturer in Europe to supply EcoSmart(TM) systems to equip their heavy duty truck engines for series production starting in 2011. WABCO's EcoSmart system is a breakthrough in air compression technology for trucks and buses that substantially improves fuel efficiency and reduces emissions. The EcoSmart clutch compressor optimally disengages a truck or bus compressor from the engine when the vehicle's air system reaches full pressure.
In Q2 2009, the company's joint venture in North America, Meritor WABCO, was awarded new business from Crete Carrier, one of North America's largest trucking companies. Crete Carrier placed orders for 2,000 trucks equipped with SmartTrac(TM) stability control systems and OnGuard(TM) collision mitigation systems for delivery in 2009. Crete Carrier had purchased 390 OnGuard units in 2008 and reportable accidents significantly decreased compared with vehicles operating without such units. OnGuard is the only collision mitigation system available in North America.
As of Q2 2009, the Meritor WABCO PAN 22 Air Disc Brake is available for trailers through Hendrickson, the leader in North America for trailer suspensions. Combining best-in-class braking torque output with low weight and long pad life, Meritor WABCO's PAN 22 Air Disc Brake is expected to become available through other trailer suspension and axle manufacturers in North America.
As reported in Q2 2009, WABCO extended its technology leadership in electronic braking systems (EBS) for trailers by introducing two breakthrough technologies to enhance the performance of EBS on extra long trailers and truck-trailer combinations with two or more trailers. WABCO's new Controller Area Network (CAN) Repeater and Router are the industry's first application of high-speed data transmission using CAN in-vehicle communications to improve braking performance of trailers.
Also in Q2 2009, WABCO announced several breakthrough features in its Intelligent Trailer Program, further enhancing electronic braking and air suspension functionalities through new OptiLoad(TM), OptiTurn(TM), Tilt Alert(TM) and Bounce Control(TM), all of which increase vehicle performance while enabling safer operation, more efficient loading and unloading, and more cost efficient maintenance.
Full Year 2009 Operating Framework
Due to continued uncertainties associated with market forecasts for commercial vehicles, WABCO is presently not providing full year 2009 earnings guidance. Based on market developments, the company has updated its operating framework for 2009 to include an estimated decline in 2009 sales of 35 to 40 percent in local currencies, resulting in a full year reported operating margin of negative 3.2 percent or better, including streamlining and separation related costs, and a positive operating margin on a performance basis. The company also expects to generate strongly positive free cash flow, excluding streamlining and separation related costs.
WABCO has also notified works councils that the company intends to terminate 300 additional positions in Germany.
"WABCO continues to anticipate and mitigate adverse market conditions without compromising our commitment to excellence in execution, global expansion and technology leadership," said Esculier. "We anticipated this economic crisis nearly a year ago, and now more than ever, we feel confident about adapting and executing what is necessary in the short term while preserving and powering the global capabilities and growth potential of WABCO."
19/5/09
Source: http://sev.prnewswire.com/auto/20090519/3901636en_iCrossing19052009-1.html
WABCO Holdings Inc., a global technology leader and tier one supplier to the commercial vehicle industry, today introduced several breakthrough features in its Intelligent Trailer Program, further enhancing WABCO's electronic braking and air suspension functionalities while continuing the company's 10-year track record of technology leadership in electronic braking systems (EBS) and air management for trailers.
As a result of the company's deep understanding of its customers' needs, WABCO's new Intelligent Trailer Program further automates the vehicle and actively supports original equipment manufacturers, trailer owners and truck drivers. It improves their daily operations through increased vehicle performance, safer operation, more efficient loading and unloading, and more cost efficient maintenance.
New functions such as OptiLoad(TM), OptiTurn(TM), Tilt Alert and Bounce Control are featured on the E1 version of the company's Trailer EBS E generation e-generation), marking the latest innovation in WABCO's industry-leading Trailer EBS series that was launched in 1998. As of 2008, WABCO has sold more than 843,000 trailer electronic braking systems worldwide.
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"WABCO pioneered trailer electronic braking systems in 1998, and we have been driving Trailer EBS innovation ever since based on our deep connectivity with trailer builders, fleet managers, truck drivers and workshop mechanics around the world," said Nick Rens, WABCO Vice President, Aftermarket and Trailer Systems. "Our newest version of Trailer EBS continues to set the industry's benchmark for end-user benefits, demonstrating our passion to help transport professionals reduce costs while further improving safety and protecting their profitability."
New OptiLoad automatically redistributes cargo weight over the truck-trailer combination. As a trailer's cargo is partially delivered along its route, the remaining cargo can exceed the legal maximum weight limit on the truck's rear axle. With new OptiLoad and existing air bellows, the trailer's suspension system redistributes load weight without physically moving any cargo. It helps truck drivers and fleet operators remain in compliance with regulations for maximum weight per axle while preventing axle damage due to excessive weight.
New OptiTurn automatically recognizes curves and reduces tire friction on rear axle wheels by partially or fully lifting the axle when the vehicle navigates curves at low speed and manoeuvres at loading docks, eliminating the scraping of tires on the road surface. Using existing air suspension bellows, new OptiTurn can replace steering axles and significantly reduces tire wear. It also allows dispatchers to schedule delivery routes via smaller roads as drivers can manoeuvre short turns more easily.
New Tilt Alert assists truck drivers to safely operate trailers that raise one end to unload. It warns drivers when the tilting angle reaches the trailer's physical limits of stability. This means increased safety for drivers and vehicles alike.
New Bounce Control prevents a trailer from pulsing up and down as brakes are released after the cargo has been loaded or unloaded. It improves safety in the loading zone and avoids damaging vehicles or loading docks.
WABCO's Trailer E1 version continues to feature roll stability support (RSS) as well as an operating data recorder that registers the trailer's technical data much like an airplane's black box. It can be optionally equipped with SmartBoard, an easy-to-use control box that graphically displays the trailer's critical real-time operating information in a choice of 15 different languages.
3/11/08
Source: http://trailer-bodybuilders.com/aftermarket/wabco_fuwa_china_brakes_1203/
WABCO Holdings Inc. today announced that WABCO has completed its agreement with Guangdong FUWA Heavy Industry Co., Ltd., (Fuwa) to form a joint venture for production of air disc brakes in China. Fuwa is the largest manufacturer of commercial trailer axles in China and in the world.
As previously announced, WABCO will have a 70 percent holding and Fuwa will have a 30 percent holding in the joint venture, which will be located at Fuwa’s newly established manufacturing facility in Taishan, Guangdong, China. The joint venture will encompass manufacturing, assembly and testing of air disc brakes for commercial trailers. Financial details are not being disclosed.
“The completion of our partnership agreement with Fuwa is another mark of WABCO’s continued success in globalizing our reach and growing our presence across the world,” said Jacques Esculier, WABCO Chief Executive Officer. “Our ambition in the next few years is to manufacture air disc brakes to equip up to 250,000 axles.”
“This partnership enables WABCO to offer its latest-design air disk brakes with competitive advantages such as robust single-piston technology, light-weight design, and high performance at lowest weight to Fuwa and other commercial vehicle manufacturers,” said Wu Zhiqiang, President of Fuwa. “With WABCO as our strategic partner, we further reinforce our leadership position in axles in the commercial trailer market, and we achieve the full potential of our long term growth.”
24/10/08
Source: http://trailer-bodybuilders.com/aftermarket/wabco_air_disc_brakes_china_1023/
WABCO Holdings Inc. today announced that WABCO has signed a letter of intent with GuangDong Fuwa Engineering Manufacturing Co., Ltd., (Fuwa) to form a joint venture for production of air disc brakes in China. Fuwa is the world’s largest manufacturer of commercial trailer axles.
It is expected that the joint venture agreement will be finalized by year-end, and that WABCO will have a 70 percent holding and Fuwa will have a 30 percent holding in the joint venture, which will be located at Fuwa’s newly established manufacturing facility in Taishan, Guangdong, China.
“As a technology leader in braking and air management systems, we are enthusiastic about partnering with Fuwa to support their global growth while further strengthening our market position in air disc brakes,” said Jacques Esculier, WABCO Chief Executive Officer. “We further enhance our path to develop the Chinese market as a major pillar of WABCO’s growth, by teaming up with Fuwa, a key industry player and the biggest manufacturer of trailer axles in China and in the world.”
The proposed joint venture will encompass manufacturing, assembly and testing of air disc brakes for commercial trailers. WABCO will bring air disc brakes to the partnership, featuring competitive advantages such as robust single-piston technology, light-weight design, and high performance at lowest weight.
“This cooperation will provide technology related to air disc brakes that will further reinforce our leadership position in axles in the commercial trailer market,” said Wu Zhiqiang, President of Fuwa. “With WABCO as our long-term partner, we secure proven and advanced technology to help achieve the full potential of our strategic export growth.”
“Establishing this manufacturing footprint in China will provide WABCO with a strategic entry into the growing Chinese market for air disc brakes,” said Leon Liu, WABCO President, Asia Pacific. “It represents another major step in the establishment of WABCO as a key partner for Chinese commercial vehicle manufacturers. Our passion is to support Fuwa’s growth ambitions as we prepare WABCO for the future expansion of the market for air disc brakes in China.”
23/9/08
Source: http://trailer-bodybuilders.com/news/wabco_onguardmax_braking_system_0923/
WABCO Holdings Inc. today introduced OnGuardMax at the IAA 2008 trade show, calling it the industry's first system for autonomous emergency braking (AEB) in collision-imminent situations with moving or stopped vehicles.
WABCO also presented its new trailer telematics technology that increases operating efficiency for transport businesses, along with its new modular automated manual transmission (AMT) system that enables vehicle and transmission manufacturers to accelerate product application and time to market.
"Powered by our exceptional engineering capability, WABCO's innovation showcase at IAA further reinforces our technology leadership as we continue to grow and outperform the commercial vehicle market," said Jacques Esculier, WABCO Chief Executive Officer. "We are passionate about connecting with customers everywhere in the world and continuing to anticipate and satisfy their needs.”
