Financial Overview

(in million dollars)

	FY2011	FY2010	Rate of change (%)	Factors
Sales	2,794.1	2,175.7	28.4	1)
Operating profit	369.9	217.6	70.0	-

Factors
1)
-Sales for 2011 were 2,794.1 million dollars, an increase of 28.4% (22.3% excluding foreign currency translation effects) from 2,175.7 million dollars in 2010. The increase was attributable to the higher levels of commercial vehicle production that was evident in most regions across the world, expansion of its aftermarket and car businesses, as well as increased WABCO content per vehicle on trucks, buses and trailers globally.

Contracts

<2011>
-In Nov. 2011, the Company will supply its Adaptive Cruise Control (ACC) to Yutong Group in China, a manufacturer of buses, as part of an expanded long-term agreement to furnish advanced safety technologies. Series production will start in the first quarter of 2012 with WABCO ACC as a standard feature on Yutong's range of high-end buses including hybrid electric buses. WABCO will also continue long-term to supply Yutong with electronic stability control (ESC) and electronic braking systems (EBS) as standard features for series production on Yutong's buses. In addition, WABCO currently supplies Yutong with electronically controlled air suspension (ECAS), braking products and anti-lock braking systems (ABS). (From a press release on November 29, 2011)

-In Nov. 2011, the Company will supply its c-comp air compression technology to a manufacturer of commercial vehicles headquartered in Europe. Series production in Europe is expected to begin by the end of 2012 to equip the Company's c-comp air compressor on heavy duty truck and bus engines that will meet upcoming EURO VI emission standards. The compressor disengages a truck or bus compressor from the engine when the vehicle's air pressure reaches full pressure. (From a press release on November 16, 2011)

-In Oct. 2011, the Company entered into a new agreement with KAMAZ, a commercial vehicle manufacturer of Russia, during the third quarter of 2011, to supply anti-lock braking systems (ABS) that are integrated with anti-slip controls (ASR). WABCO will also supply Van Hool, a Belgium-based bus manufacturer, with Adaptive Cruise Control (ACC). (From a press release on October 27, 2011)

-In Oct. 2011, the Company announced that it has entered into a long term agreement with Iveco to supply anti-lock braking systems (ABS) with The Company's ESCsmart technology that certifies electronic stability control (ESC) for commercial vehicles. The Company's ABS and ESCsmart technologies will equip Fiat's Eurocargo Euro 6 medium duty on-road trucks starting in 2013 for series production in Europe. The company furnishes Iveco's heavy duty on-road trucks with ABS, ESC, electronic braking and electronically controlled air suspension systems, as well as air compressor technology, braking products, adaptive cruise control and vehicle control modules, among other vehicle components. (From a press release on October 6, 2011)

-In Sept. 2011, the Company announced that the company has entered into a multi-year agreement with General Motors to supply vacuum pump technology for gasoline direct-injection (GDI) engines in passenger cars to be produced in North America, Europe and Asia. Series production is expected to begin in 2012. (From a press release on September 8, 2011)

-In Aug. 2011, the Company will supply its c-comp air compressor technology to a manufacturer of heavy duty truck headquartered in Europe, as part of the multi-year extension of a long-term agreement to supply air compression technology. The Company's c-comp air compressor optimally disengages a truck or bus compressor from the engine when the vehicle's air system reaches full pressure. As a result, it allows fuel savings up to 264 gallons (1,000 liters) on long haul applications while reducing the vehicle's carbon dioxide emissions by as much as 5,700 pounds (2,600 kilograms) annually. Deliveries worldwide for series production will start in 2013 in support of the customer's truck engines that will meet upcoming Euro VI emission standards. (From a press release on August 31, 2011)

-In Jun. 2011, the Company announced that it has entered into a long term agreement with a European manufacturer of commercial trailers to supply the Company's air disc brakes for trailer axles, starting with series production in 2013. The Company's 22" trailer brakes combine single-piston technology with a compact design and covers trailer axle applications up to 10 tons. It weighs 70 pounds (32 kilograms) including brake pads. Currently, WABCO furnishes this trailer maker with single-piston air disc braking technology for 19" and 22" rim sizes through WABCO's PAN range. (From a press release on June 29, 2011)

-In Jun. 2011, the Company announced that it has entered into several agreements with truck and bus manufacturers in Europe to supply its new generation of electronically controlled air suspension (ECAS) systems. Until now, The Company's ECAS electronic control unit (ECU) was mounted in the vehicle's cabin whereas new ECAS technology also allows the ECU to be mounted on the vehicle's frame, resulting in easier, more efficient installation which reduces costs in original equipment manufacturing processes. It also significantly lowers noise emission through improved design of air compression valves due to a more effective acoustic filter. Since WABCO introduced the ECAS technology in 1986, the company has sold more than 3 million systems. (From a press release on June 23, 2011)

-In May 2011, the Company announced that the company has entered into a long term agreement with Hyundai Motor Company to develop and supply its OnGuardPLUS advanced emergency braking system. The Company is already developing OnGuardPLUS applications for Hyundai Motor's new range of heavy duty trucks and the company expects to start deliveries of OnGuardPLUS systems for series production in 2013. The Company will also supply the same Hyundai Motor commercial vehicles with Adaptive Cruise Control (ACC). (From a press release on May 18, 2011)

-In May 2011, the Company announced that the company has developed and begun to supply an air supply module and electronic control unit that operate rear axle air suspension on two new BMW 5 Series Touring and 5 Series Gran Turismo passenger car models. Together with an electronic control unit, the Company's air supply module includes the company's compressors with an integrated air dryer and air intake filter, acoustic and vibration isolation system, as well as an air-flow distribution valve-block that controls air spring actuation. (From a press release on May 10, 2011)

-In May 2011, the Company announced that nine months ago the company began deliveries of new NG22MAX air disc brakes for heavy duty truck applications in Europe to MAN. The air disc brake weighs 86 pounds (39 kilograms) including brake pads. The Company furnishes MAN with electronic braking and electronically controlled air suspension systems, as well as brake actuators, clutch servo technology, air compressors, air dryer systems and onboard electronic systems, among other vehicle components. (From a press release on May 3, 2011)

-In Apr. 2011, the Company announced that the company has entered into an agreement with Shaanxi Fast Gear Company, Ltd., China's manufacturer of heavy duty transmissions, to supply WABCO's OptiDrive transmission automation system. The Company will furnish OptiDrive systems for Fast Gear's platform of new F-Shift transmission products. Series production is expected to begin during 2011. (From a press release on April 19, 2011)

-In Mar. 2011, the Company has entered into an agreement with Iveco to supply the Company's air processing unit (APU) for Iveco's complete range of trucks in Brazil and Argentina starting in 2012. the Company's new generation of APU includes air dryer and air cartridge systems. The Company furnishes Iveco with anti-lock braking, electronic braking and electronically controlled air suspension systems, as well as air compressor and vehicle control modules, among other vehicle components. (From a press release on March 22, 2011)

<2010>
-In 2010, the Company announced that the Company has started to supply vacuum pumps for series production for two main diesel engine programs within the Volkswagen Group: the 1.6 liter diesel engine from Volkswagen and the new 3.0 liter V6 diesel engine developed by Audi. (From a press release on December 1, 2010)

-In 2010, Meritor WABCO Vehicle Control Systems, a joint venture between ArvinMeritor and WABCO Automotive Control Systems, announced an agreement to supply Daimler Trucks North America LLC (DTNA) with air and water management valves for commercial vehicles using SCR (selective catalytic reduction) aftertreatment system. Meritor WABCO is supplying these valves on Freightliner and Western Star models. (From a press release on November 19, 2010)

-In 2010, Meritor WABCO Vehicle Control Systems announced the availability of SafetyDirect, which is available for order for all North American commercial vehicle fleets. SafetyDirect works by combining the technologies in Meritor WABCO's SmartTrac and OnGuard active safety systems with their partner Iteris' SafetyDirect, an online application for analyzing data and lane departure warning system. It allows customers to collect and analyze information about the performance of the driver and vehicle. Iteris, Inc., headquartered in California, U.S.A., is a solution supplier in the field of Intelligent Transportation Systems. (From a press release on October 17, 2010)

-In 2010, the Company announced that it is expanding the existing application of its OptiDrive modular automated manual transmission (AMT) on heavy duty vehicles to cover medium duty trucks and buses produced by Ashok Leyland, an Indian manufacturer of commercial vehicles. In 2009, Ashok Leyland became the first manufacturer of commercial vehicles in India to adopt OptiDrive system. Volume production is expected in early 2011. (From a press release on September 22, 2010)

-In 2010, the Company announced the five-year extension of its supply agreement with Cummins Inc. to furnish air compressors for applications in trucks and buses worldwide. The products will be produced by WABCO Compressor Manufacturing Company, based in Charleston, South Carolina, USA. (From a press release on September 16, 2010)

-In 2010, the Company entered into an agreement with IVECO, a manufacturer of commercial vehicles, to supply its mechanical air processing unit (M-APU) for heavy duty trucks starting in 2011 for series production. The Company's M-APU includes air dryer and air cartridge systems. (From a press release on September 15, 2010)

-In 2010, the Company has signed a multi-year agreement with a European truck manufacturer to supply its air disc brakes. The new contract is on a sole supplier basis for 17- and 19-inch brake applications for medium duty trucks starting in 2013 for series production in Europe. (From a press release on June 2, 2010)

-In 2010, ArvinMeritor announced that Meritor Xtended Lube (MXL) drivelines have been selected as standard equipment by Daimler Trucks North America LLC (DTNA) for its heavy duty vehicles. MXL technology is installed on Freightliner Cascadia, Coronado and Coronado SD and Western Star trucks from the production in late April 2010. At 100,000 miles, the MXL's lubrication interval is twice as long as other conventional drivelines. (From a press release on April 27, 2010)

-In April 4 2010, the Company announced that the Company will supply electronic control units and compressors for the air suspension systems used in the Rolls-Royce Ghost. (From a press release on April 7, 2010)

-In February 2010, the Company announced that it supplies clutch servos to FAW Jiefang Automotive Co., Ltd. in China for its multiple heavy duty truck platforms on a sole supplier basis as of 2010. (From a press release on February 24, 2010)

-In 2010, the Company's subsidiary WABCO-TVS (India) Ltd. and Mahindra Navistar Automotives Ltd. (MNAL) agreed on the development and long term supply of air compressors, products for braking systems and clutch servo technology with series production is starting in 2010. (From a press release on February 9, 2010)

-In February 2010, the Company supplies single piston, lightweight air disc brake PAN 22 to US-based Hendrickson International for Hendrickson's trailer axles and suspensions. (From a press release on February 4, 2010)

-In January 2010, the Company announced that it has developed and will supply the air suspension for the Audi A8 2010 model. (From a press release on January 19, 2010)

<2009>
-In December 2009, the Company announced that The System Saver 1200 Plus air dryer would be standard on all Daimler Trucks North America (DTNA) truck models starting in January 2010. (From a press release on December 23, 2009)

-In December 2009, the Company announced that a truck manufacturer in Europe has awarded WABCO a multi-year contract to supply an integrated pedal module, which is available for both automated and manual gearboxes for heavy- and medium-duty trucks for series production starting in 2013. (From a press release on December 9, 2009)

-In November 2009, the Company and Chery Automobile of China completed an agreement for supply of vacuum pumps for automotive braking applications for diesel and gasoline direct injection engines. (From a press release on Nov. 24, 2009)

-In October 2009, the Company announced that it supplies its adaptive cruise control (ACC) and forward collision warning (FCW) as options for the 2009 edition of DAF Trucks' XF105 model. (From a press release on October 22, 2009)

-In August 2009, the Company and Ashok Leyland reached an agreement for development of transmission automation technology and supply of OptiDrive(TM), WABCO's modular automated manual transmission (AMT) system, from 2010 through 2015. (From a press release on August 11, 2009)

-In July 2009, the Company provided KAMAZ with ABS, electronically controlled air suspension systems as well as components for braking and gear box control. (From a press release on July 7, 2009)

-In May 2009, the Company announced that it has been awarded a contract by a major original equipment manufacturer in Europe to supply EcoSmart clutch compressor to equip their heavy duty truck engines for series production starting in 2011. (From a press release on May 12, 2009)

-In April 2009, the Company announced that it supplies its new generation compressors for the AIRMATIC air suspension system in the new Mercedes E-Class series. (From a press release on Apr 15, 2009)

-In April 2009, its OptiDrive system was adopted by China National Heavy Truck Corporation (CNHTC) for its truck series since December 2008. (From a press release on Apr 1, 2009)

-In March 2009, the Company signed a supply agreement with China National Heavy Truck Corporation (CNHTC) to continue to provide air management products, braking systems including anti-lock braking, and transmission control products until 2016. (From a press release on Mar 12, 2009)

-In January 2009, the Company began supplying its new automated manual transmission (AMT) system to China National Heavy Truck Corporation (CNHTC) for their new HOWO Heavy Truck series (From a press release on Jan. 20, 2009)

<2008>
-In December 2008, the Company provided its second generation compressor series for electronically controlled air suspension (ECAS) with the new BMW 7 series. (From a press release on Dec. 2, 2008)

-In October 2008, the Company extended a long-term agreement to supply ZF with transmission automation systems for their "AS Tronic" and "AS Tronic lite" automatic transmissions. The extension of contract with ZF is worth several hundred million U.S. dollars. (From a press release on Oct. 2, 2008)

-In November 2006, Meritor WABCO has entered into an agreement with International Truck and Engine Corporation to supply its new hydraulic power brake system as standard equipment on selected models of the truck maker's medium-duty models. (From a press release by the company on Nov. 8, 2006)

Business Partnership

-In Oct. 2011, Meritor WABCO Vehicle Control Systems, a joint venture of Meritor and the Company, and Takata Corp.'s U.S. subsidiary, TK Holdings, Inc. have signed a letter of intent to establish a strategic alliance in which the companies will work together to develop new active safety systems products for North American commercial vehicles. Under this agreement, Meritor WABCO will market Takata's SafeTrak lane departure warning systems (From a press release on October 17, 2011)

New Company

-In Apr. 2011, the Company announced that it has opened WABCO RUS, its new subsidiary in Russia headquartered in Moscow. WABCO RUS conducts marketing and sales of WABCO products. The new subsidiary supplies local manufacturers of trucks, buses and trailers across the Commonwealth of Independent States (CIS). (From a press release on April 5, 2011)

-In May 2007, the Company and TVS Group, a leading producer of automotive components, announced their intention to transfer the brakes business of their Indian joint-venture Sundaram Clayton Ltd (SCL) to a new wholly-owned subsidiary, WABCO-TVS (INDIA) Ltd., (WABCO-TVS) through a demerger plan. (From a press release in May 2007)

Joint Venture

-In June 2009, the Company raised its ownership position from 39.2 percent to 75.0 percent in its joint venture, WABCO-TVS (India) Ltd. (From a press release on June 3, 2009)

-In December 2008, the Company entered into the agreement with Guangdong FUWA Heavy Industry Co., Ltd., (Fuwa) to form a joint venture for production of air disc brakes in China. The Company will have a 70 percent holding and Fuwa will have a 30 percent holding in the joint venture, which will be located at Fuwa's newly established manufacturing facility in Taishan, Guangdong, China. The joint venture is aiming at manufacturing up to 250,000 air disc brakes in the next few years. (From a press release on Dec. 3, 2008)

Certification

-In 2010, the Company announced that the Company's roll stability support (RSS) for trailers has been certified by TUV Nord Germany, an accredited technical service, which leads to the approval by the German Federal Authority for Road Transport. As a result, its RSS for trailers is the industry's first trailer roll-over control approved for use in all 27 countries of the European Union and in 20 other countries worldwide in accordance with the United Nations Economic Commission for Europe's Regulation 13 for braking. (From a press release on January 21, 2010)

Awards

<2011>
-In Nov. 2011, Meritor WABCO Vehicle Control Systems received the 2011 Platinum Supplier Award from Wabash National Corp, a U.S.-based manufacturer of semi trailers. It is the fourth consecutive year Meritor WABCO has received this award. Meritor WABCO supplies trailer anti-lock braking systems (ABS), roll stability systems (RSS) and InfoLink data gateway systems and the Meritor Tire Inflation System (MTIS) to Wabash National. (From a press release on November 17, 2011)

-In Aug. 2011, the Company announced that WABCO India has been honored with two excellence awards from Tata Motors. Tata Motors has recognized WABCO for "Excellence in Technology and Innovation" and "Excellence in Quality." WABCO currently supplies Tata Motors with an extensive range of products and systems related to braking as well as air management for trucks and buses. (From a press release on August 24, 2011)

In Aug. 2011, the Company announced that WABCO in Brazil has been honored with ZF South America's first Sustainability Award. WABCO supplies ZF with components for transmission automation and driveline controls. (From a press release on August 17, 2011)

-In Jun. 2011, the Comapany has announced that Cummins has honored WABCO with "Supplier of the Year" and "Best Delivery and Capacity" award. The Company has a long-term supply agreement with Cummins to furnish air compressors for applications in trucks and buses. (From a press release on June 15, 2011)

-In Jan. 2011, the Company announced that Ford Motor Company Brazil has honored WABCO with Ford's 2010 Environmental Conservation Award. It recognizes the Company's contribution as a supplier for series production of Ford's medium and heavy duty truck. (From a press release on January 25, 2011)

-In Jan. 2011, the Company announced that Mercedes-Benz Brazil has honored WABCO in Brazil with its Interacao Award in 2010 in the category of special prize. The Company supplies technologies for air compression, braking, suspension and transmission automation to support truck and bus production at Mercedes-Benz's site in Sao Bernardo do Compo, its largest commercial vehicle factory outside of Europe. (From a press release on January 20, 2011)

<2010>
-In 2010, the Company announced that it has been honored with top supplier awards for the third year in a row by China National Heavy Truck Corporation (CNHTC). CNHTC honored the Company with its 2010 Excellent Supplier Award and Quality Improvement Award. (From a press release on December 15, 2010)

-In 2010, Meritor WABCO Vehicle Control Systems has received the Quality Excellence Award from Hino Motors Manufacturing U.S.A. for the second straight year. The award recognizes Meritor WABCO's facility in Hebron, Kentucky, USA which achieved a defect rate of 0 parts per million (PPM) during 2009. The plant supplies pneumatic and hydraulic anti-lock braking (ABS) systems to Hino facilities in Williamston, West Virginia, USA and Woodstock, Ontario, Canada. (From a press release on July 21, 2010)

-In 2010, the Company's Indian subsidiary WABCO-TVS (India) Ltd. has won a Gold Award from Ashok Leyland, a manufacturer of commercial vehicles in India, for performance in quality during 2009 and 2010. Currently, the Company is providing Ashok Leyland with its OptiDrive(TM) modular automated manual transmission (AMT). In 2009, Ashok Leyland became the first Indian commercial vehicle manufacturer to adopt this AMT. The OptiDrive is expected to be in volume production in early 2011. (From a press release on July 6, 2010)

-In 2010, the Company has won the Automotive News PACE Award for its automated manual transmission system OptiDrive for medium and heavy duty commercial vehicles. (From a press release on April 14, 2010)

-In 2010, the Company has been honored with supplier awards for the second year in a row by China National Heavy Truck Corporation (CNHTC) organization, a leading manufacturer of heavy duty trucks in China. In recognition of the performance during 2009, CNHTC Engine Company honored the Company with its Best Supplier Award. A supplier to CNHTC since 1997, the Company furnishes air management products, braking systems including anti-lock braking systems (ABS), and transmission control products. (From a press release on March 2, 2010)

-In 2010, the Company announced that China's FAW Jiefang Automotive Co., Ltd. honored WABCO with a Special Contribution Award for 2009. (From a press release on February 24, 2010)

R&D Structure

-In September 2008, the Company extended its existing test track facility located in Jeversen, Germany. An investment of approximately EUR 3.2 million, this test track extension provides capabilities for dynamic and stability testing on trucks, truck/trailer combinations and buses at high speeds, offering improved development conditions for the Company's stability control systems such as electronic braking systems (EBS), roll stability support (RSS) and electronic stability control (ESC). (From a press release on Sept. 26, 2008)

Product Development

Integrated Vehicle Tire Pressure Monitoring
-In Sept. 2011, the Company will present its new IVTM system for integrated monitoring of tire pressure on trucks, trailers and buses at ComTrans 2011 commercial vehicle exhibition in Moscow, Russia. WABCO's new IVTM system increases the lifetime of tires by up to 20 percent. The new system's battery also lasts 20 percent longer than previously. WABCO's new IVTM system consists of external wheel-mounted sensors that constantly measure tire pressure and wirelessly transmit data to an electronic control unit, which in turn displays real-time information and alerts on the dash-mounted display. With WABCO's TrailerGUARD telematics, fleet managers can remotely monitor every vehicle's tire pressure via a web portal. WABCO introduced its IVTM system as the commercial vehicle industry's first tire monitoring system in 2003 in partnership with Michelin. (From a press release on September 12, 2011)

-In November 2007, the Company announced its Integrated Vehicle Tire Pressure Monitoring (IVTM), the first tire monitoring system specifically designed for commercial vehicles. The system was developed in partnership with Michelin, and was launched for Original Equipment and aftermarket application on trucks trailers and buses. IVTM is a wireless tire pressure monitoring system that constantly monitors tire pressure and detects exceeded thresholds for under or over-inflation, as well as slow leaks. The system consists of external wheel-fitted modules that are connected to the tire valves with pneumatic hoses. The modules regularly measure and transmit tire inflation pressure data via radio frequency to an Electronic Control Unit (ECU), which in turn transmits them to an in-cabin dashboard display monitor.

Advanced emergency braking system (AEBS)
-In 2010, the Company has developed OnGuardPLUS, an advanced emergency braking system (AEBS). OnGuardPLUS is the industry's first system in compliance with the European Union's expected regulation to make AEBS mandatory on new heavy commercial vehicles from November 2013. The OnGuardPLUS will be available from 2012 for trucks and buses. (From a press release on September 8, 2010)

Second generation compressor series for electronically controlled air suspension (ECAS)
-In December 2008, the Company introduced its second generation compressor series for electronically controlled air suspension (ECAS) systems for passenger cars and light commercial vehicles. the Company's new compressors enable its ECAS technology to achieve constant vehicle ride height even when fully loaded and various vehicle heights at different speeds. The first application is the rear axle air suspension in the new BMW 7 series. (From a press release on Dec 2, 2008)

Autonomous emergency braking system
-In September 2008, the Company developed a new autonomous emergency braking (AEB) system which assists the driver in reducing risks of collisions. Integrating diverse data about road traffic from video and laser distance sensors, its new AEB system enhances object dimensioning and anticipates imminent danger. This new AEB system will be available to truck and bus original equipment manufacturers in 2010. (From a press release on Sept. 3, 2008)

OnGuard
-In February 2008, Meritor WABCO Vehicle Control Systems introduced OnGuard. This industry-first technology is currently installed on nearly 200 vehicles and is targeted for third quarter 2008 availability as a factory-installed option at several OEM brands. OnGuard is a forward-looking, radar-based adaptive cruise control system with active braking for commercial vehicles in North America. OnGuard was designed to equip drivers with automated features that help ensure safe following distances and provide active braking as needed. The system can provide the additional split-second deceleration needed to maintain control of the vehicle in an emergency situation. (From a press release on Feb. 1, 2008)

Driver Assistance Systems
-The Company focuses on longer-term opportunities, particularly in the area of Driver Assistance Systems (DAS). DAS is a technology concept that involves connecting advanced sensors with truck control devices, such as braking and steering systems as well as engine controls, to improve safety and avoid collisions. During 2008, the Company launched OnGuardMAX, which is the world's first autonomous emergency braking system for commercial vehicles and is expected to be available for production in 2010.

Investment Outside Belgium

<Turkey>
-In Mar. 2011, the Company opened an international purchasing office in Istanbul, Turkey to serve as a regional sourcing hub. The Company currently operates sourcing hubs in Europe, China, India and Brazil. As of 2010, 43 percent of the Company's total sourcing was from emerging countries, up from 10 percent a decade ago. WABCO's sourcing in 2010 was worth approximately 1 billion USD to support the company's total sales of 2.2 billion USD. The Company has been serving commercial vehicle manufacturers and fleet operators for 30 years in Turkey. (From a press release on March 24, 2011)

-In November 2008, the Company opened a marketing and sales office in Istanbul to support customers in collaboration with Intermobil, the Company's partner in Turkey. (From a press release on Nov. 18, 2008)

<India>
-In May 2008, the Company announced the inauguration of two manufacturing facilities located in India and the extension of an existing software design center with its joint venture partner, TVS Group. Currently manufacturing crankshafts, crankcases and vacuum pumps, one of the new facilities is located in Mahindra World City (MWC), one of India's special economic zones. The extension will double capacity at the Mahindra facility, which is dedicated to exporting products and serving worldwide. Another new facility, located in Jamshedpur, supplies the production lines of Tata Motors by manufacturing brake chambers, spring brake actuators and other braking parts. The newest factories presently employ approximately 150 people. (From a press release on May 14, 2008)

<China>
-In October 2007, the Company opened its first fully-owned manufacturing facility in China. This 35 million USD Qingdao facility currently employs 240 people in the production of electronic and advanced commercial vehicle systems, including Anti-Lock Braking Systems (ABS), compressors and other braking devices for domestic and global markets. The workforce is expected to increase to over 1,000 people by 2012. (From a press release on Oct. 31, 2007)