BRUSSELS, June 3 /PRNewswire-FirstCall/ -- WABCO Holdings Inc.
[http://www.wabco-auto.com] (NYSE: WBC), a global technology leader and
tier-one supplier to the commercial vehicle industry, today announced that
the company has executed its previously announced plan to raise its ownership
position to 75 percent in its award-winning joint venture, WABCO-TVS (India)
Ltd., further strengthening not only WABCO's presence in India but also its
capabilities to connect with and grow in all of the world's emerging markets.
Based on a court-approved plan, WABCO on June 3, 2009, increased its
equity investment to 75 percent from 39.2 percent in WABCO-TVS (India) Ltd.,
shares of which are publicly listed in India on the Mumbai, Madras and
National Stock Exchanges. Also on June 3, 2009, WABCO transferred to the TVS
group its holding in Sundaram-Clayton Limited, which contains the non-brakes
business of its Indian joint venture.
With its outstanding engineering and manufacturing capabilities and local
sourcing network, WABCO-TVS (India) Ltd. designs, manufactures and markets
conventional braking products, advanced braking systems, and other related
air compression products and systems, directly serving customers locally and
internationally through WABCO.
The regional leader in its market, WABCO-TVS (India) Ltd. has three world
class factories. The factory located in Ambattur, Chennai recently received
the prestigious Total Productive Maintenance (TPM) Excellence Award from the
Japan Institute of Plant Maintenance, among other customer and industry
awards. WABCO-TVS (India) Ltd. has also been recognized as well on its way as
a global benchmark for implementing lean manufacturing, according to the Lean
Enterprise Institute. Two other factories inaugurated in 2008 - one in
Mahindra World City in Chennai and another in Jamshedpur - operate in the
same TPM excellence league as the factory in Ambattur, performing at
benchmark-setting levels of efficiency and quality.
WABCO-TVS (India) Ltd. also has advanced software design and development
centers located in Chennai, including more than 70 engineers who develop
embedded software for applications in electronic braking, stability,
transmission and climate control. In addition, the company has a center of
excellence in mechanical engineering located in Ambattur, Chennai, including
more than 70 engineers who design and develop products and systems for India
and other markets worldwide where WABCO operates.
WABCO-TVS (India) Ltd. employs over 1,000 persons and reported
approximately $95 million in sales in its fiscal year 2008-2009. WABCO has
participated successfully in this joint venture for more than 40 years.
"Taking majority control of this world-class, award-winning company marks
another major step in expanding WABCO's global network of manufacturing,
sourcing and engineering capabilities, while enhancing WABCO's already broad
and successful footprint in Asia. We will also be able to further leverage
WABCO-TVS's unique engineering and product development platform which is
capable of understanding the specific needs of emerging markets," said
Jacques Esculier, WABCO Chairman and Chief Executive Officer. "We are
thankful to the TVS Group for its key role in establishing our long-term
partnership as one of the world's foremost contributors to the commercial
vehicle industry, particularly in India."
About WABCO
WABCO Vehicle Control Systems (NYSE: WBC) is a leading supplier of safety
and control systems for commercial vehicles. For over 140 years, WABCO has
pioneered breakthrough electronic, mechanical and mechatronic technologies
for braking, stability, and transmission automation systems supplied to the
world's leading commercial truck, trailer, and bus manufacturers. With sales
of $2.6 billion in 2008, WABCO is headquartered in Brussels, Belgium. For
more information, visit http://www.wabco-auto.com
Media, investors and financial analysts contact
Mike Thompson, +32-2-663-9854, mike.thompson@wabco-auto.com
Jason Campbell, +1-732-369-7477, jason.campbell@wabco-auto.com
SOURCE WABCO Holding Inc.
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