WABCO Acquires Remaining Interest in South African Partnership to Expand in Growth Markets across Sub-Saharan Africa
December 04 2017 - 6:00AM
WABCO Holdings Inc. (NYSE:WBC) (www.wabco-auto.com), a leading
global supplier of technologies and services that improve the
safety, efficiency and connectivity of commercial vehicles, today
announced that it has acquired the remaining 51% interest of its
South African partnership with Sturrock and Robson Industries, Pty
Ltd.
Following the close of the transaction, on December 1, 2017,
WABCO will create a wholly-owned WABCO business – WABCO South
Africa. The move will enable WABCO to introduce its extended global
portfolio, including its recently acquired product lines, to the
Sub-Saharan region through WABCO South Africa’s wholly-owned
distribution center near Johannesburg as well as further improving
its proximity to customers in the region as a whole. WABCO’s
portfolio includes world-class systems for advanced driver
assistance, braking, stability control, suspension, transmission
automation and aerodynamics.
WABCO has operated in South Africa through a formal partnership
with Sturrock and Robson since 1995, but the relationship between
the companies goes back nearly 40 years. In that time it has
established a leadership position in the country’s commercial
vehicle market and a reputation for quality among local and
international commercial vehicle OEMs region-wide.
“WABCO’s customers in South Africa and neighbouring
countries already include the region’s top five trailer
manufacturers, a strong aftermarket network and a wide range of
commercial vehicle OEMs. With more than 25 years of local
experience, a strong leadership team and now a fully owned
operation, WABCO is positioned as a highly attractive partner to
these big players as they seek to grow their own businesses in the
Sub-Saharan markets. The transition from a partnership to a
wholly-owned operation in South Africa underpins our strategic plan
to consolidate WABCO’s presence across the African continent and
leverage the many opportunities in those markets,” said Nick Rens,
President Trailer, Aftermarket & Off Highway Division at WABCO.
“WABCO now serves the whole of Africa via wholly-owned operations,
providing global resources and local expertise to both local and
international customers, including fleet operators, enabling
continued growth in the region.”
WABCO South Africa has its head office as well as a
distribution, assembly and vehicle testing facility in Germiston,
near Johannesburg. The organization will be integrated into
WABCO’s Trailer Systems, Off-Highway and Aftermarket
Division. Its management team, led by South African Team
Leader, Enoch Silcock remains unchanged. A total of 46 new staff
members will join WABCO as part of the transition.
About WABCO
WABCO (NYSE:WBC) is a leading global supplier of technologies
and services that improve the safety, efficiency and connectivity
of commercial vehicles. Founded nearly 150 years ago, WABCO
continues to pioneer breakthrough innovations for advanced driver
assistance, braking, stability control, suspension, transmission
automation and aerodynamics. Partnering with the transportation
industry as it maps a route toward autonomous driving, WABCO also
uniquely connects trucks, trailers, cargo, drivers, business
partners and fleet operators through advanced fleet management
systems and mobile solutions. For five consecutive years,
Institutional Investor named WABCO among the “Top 3” in its sector
for “Best CEO”. WABCO reported sales of $2.8 billion in 2016.
Headquartered in Brussels, Belgium, WABCO has 13,000 employees in
40 countries. WABCO’s 2016 Annual Report is available at
www.ar.wabco-auto.com. For more information, visit
www.wabco-auto.com.
WABCO global media contact
Nina Friedmann, +49 69 719 168
171, wabco@klenkhoursch.de
WABCO investors and analysts contact
Sean Deason, +1 248 270 9287,
investorrelations@wabco-auto.com
WABCO Forward-Looking Statements
This document contains certain “forward-looking statements” as
defined by the Private Securities Litigation Reform Act of 1995
that are based on management's good faith expectations and beliefs
concerning future developments. Statements preceded by, followed by
or that otherwise include the words “believes,” “expects,”
“anticipates,” “strategies,” “prospects,” “intends,” “projects,”
“estimates,” “plans,” “may increase,” “may fluctuate,” and similar
expressions or future or conditional verbs such as “will,”
“should,” “would,” “may” and “could” are generally forward looking
in nature and not historical facts. Actual results may differ
materially from these expectations as a result of many factors.
These factors include, but are not limited to, the actual level of
commercial vehicle production in our end markets, adverse
developments in the business of our key customers, pricing changes
to our supplies or products, our ability to successfully integrate
any acquired businesses or our acquired businesses not performing
as planned, our ability to mitigate any tax risks, including, but
not limited to those risks associated with changes in legislation,
tax audits and the loss of the benefits associated with our tax
rulings and incentives in certain jurisdictions, and the other
risks and uncertainties described in the “Risk Factors” section and
the “Information Concerning Forward Looking Statements” section of
WABCO’s Form 10-K, 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 Reports. WABCO does not undertake
any obligation to update such forward-looking statements. All
market and industry data are based on company estimates.
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