Wabtec Corp. (NYSE:WAB) announced Monday it has signed a $21 million contract with SNIM, the National Industrial and Mining Company of Mauritania, to provide bogies for new iron ore freight cars. Bogies are the trucks that hold a pair of train wheels.
Under the contract, Standard Car Truck, a Wabtec subsidiary, will provide bogies and related spare parts for the cars, which is expected to significantly increase SNIM’s iron ore shipments over the next three years. SNIM operates a railway and various mining operations in Mauritania.
« This contract demonstrates the global scope and capabilities of our freight rail operations, » Albert J. Neupaver, chairman and CEO of Wabtec said in a statement. « We believe Wabtec will continue to benefit as countries around the world continue to invest in their freight transportation systems and infrastructure.
