WABCO Announces Completion of Joint Venture Agreement With Fuwa

BRUSSELS, December 3, 2008: WABCO Holdings Inc., a global technology leader and tier-one supplier to the commercial vehicle industry, today announced that WABCO has completed its agreement with Guangdong FUWA Heavy Industry Co., Ltd., (Fuwa) to form a joint venture for production of air disc brakes in China. Fuwa is the largest manufacturer of commercial trailer axles in China and in the world.

As previously announced, WABCO 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 will encompass manufacturing, assembly and testing of air disc brakes for commercial trailers. Financial details are not being disclosed.

"The completion of our partnership agreement with Fuwa is another mark of WABCO's continued success in globalizing our reach and growing our presence across the world," said Jacques Esculier, WABCO Chief Executive Officer. "Our ambition in the next few years is to manufacture air disc brakes to equip up to 250,000 axles."

"This partnership enables WABCO to offer its latest-design air disk brakes with competitive advantages such as robust single-piston technology, light-weight design, and high performance at lowest weight to Fuwa and other commercial vehicle manufacturers," said Wu Zhiqiang, President of Fuwa. "With WABCO as our strategic partner, we further reinforce our leadership position in axles in the commercial trailer market, and we achieve the full potential of our long term growth."

"WABCO's joint manufacturing company with Fuwa establishes a major footprint for our air disc brake business in China as well as Asia," said Leon Liu, WABCO President, Asia Pacific. "We are passionate about supplying and partnering with commercial vehicle manufacturers in China, and now with local production of air disc brakes, WABCO can meet the future needs of local and regional customers."