Wabtec Signs $21M Contract To Provide ECP Braking Equipment To Rio Tinto in Australia (WAB, RIO)

Wabtec Corporation WAB has signed a $21 million contract with Rio Tinto RIO, a leading international mining company, to provide electronically controlled pneumatic braking equipment for a portion of the company's freight cars and locomotives in Australia.  The equipment will be delivered in 2011-12. Under the contract, Wabtec will provide about 3,600 carsets of ECP equipment so that Rio Tinto can retrofit its fleet of iron ore cars, most of which currently use Wabtec's standard pneumatic brakes.  In addition, Rio Tinto will install ECP brakes on six locomotives initially, with potential for more in the future.