WILMERDING, Pa. (AP) -- Railroad-equipment supplier Wabtec Corp. said Tuesday it established a joint venture in China to manufacture brake equipment for the Chinese rail market.
The joint venture company, Shenyang CNR Wabtec Railway Brake Technology Co. Ltd., will produce pneumatic-control valves and other braking equipment for freight car builders and overhaulers in China.
Financial terms of the 50-50 joint venture were not disclosed.
It is owned by the Wilmerding, Pa.-based Wabtec and Shenyang Locomotive and Rolling Stock Railways Brakes Co. Ltd., the largest manufacturer of locomotive and freight car brake equipment in China, Wabtec said.
The investment builds on the company's presence in China, the largest rail market outside North America, said Albert J. Neupaver, Wabtec's president and CEO.
Wabtec shares fell 60 cents to $29.07 in morning trading and the broader market also declined.