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Exhibit 99.1
Wabtec Announces Settlement Of GE Harris Lawsuit
WILMERDING, Pa., Nov. 10, 2000 -- Wabtec Corporation (NYSE: WAB) today announced
that it has settled a lawsuit filed in February 1999 by GE Harris, an affiliate
of General Electric Transportation Systems (GETS). Wabtec settled the suit,
which alleged patent infringement and other claims, for $2 million worth of free
products this year. In addition, Wabtec will pay $7 million for the future use
of intellectual property patented by GE Harris.
"After nearly two years of litigation, we were anxious to put this matter
behind us and get on with the business of serving GETS, which has been a major
customer of ours for many years," said William E. Kassling, chairman and chief
executive officer of Wabtec. "In addition, we believe that the intellectual
property rights that we are purchasing from GE Harris will improve the
marketability of our own railroad electronics products."
Wabtec companies provide GETS with original equipment components for new
locomotives, as well as aftermarket services such as locomotive overhauls.
"Wabtec has been an important, high-quality supplier, and we look forward to
continuing our long-standing relationship," said John Krenicki Jr., president of
GETS.
Wabtec Corporation (www.wabtec.com) is North America's largest provider of
value-added, technology-based products and services for the rail industry.
Through its subsidiaries, the company manufactures a full range of products for
locomotives, freight cars and passenger transit vehicles. The company also
builds new locomotives up to 4,000 horsepower and provides aftermarket services,
including locomotive and freight car fleet maintenance. Wabtec's mission is to
help its customers achieve higher levels of quality, safety and productivity so
they can compete more effectively. The company has facilities located throughout
the world.
