Wabtec is a global manufacturer and service provider for the freight rail and passenger transit industries. The company's most important business is making, servicing, and modernizing diesel-electric locomotives for freight railroads — Wabtec is one of only two meaningful locomotive manufacturers in North America, alongside Progress Rail (owned by Caterpillar). Wabtec operates through two segments: Freight (~72% of revenue) and Transit (~28% of revenue). In Freight, Wabtec sells new locomotives, provides overhauls and modernizations, supplies freight car components, and offers digital software products for train control and network optimization. In Transit, Wabtec makes and services components — brakes, HVAC, doors, and signaling equipment — for passenger rail vehicles, primarily in Europe and North America. Aftermarket parts and services represent roughly 60% of total revenue, and this is the most valuable part of the business: recurring, higher-margin, and relatively resilient, since locomotives require ongoing maintenance and customers prefer to source safety-critical parts from the original equipment manufacturer. Locomotive modernizations — stripping down older locomotives and rebuilding them with newer technology — are a key growth driver, as over 25% of the active North American fleet is more than 20 years old. Internationally, Wabtec is growing its locomotive business in Kazakhstan, Brazil, Australia, India, and Africa. The company is also expanding its Digital Intelligence portfolio through bolt-on acquisitions, targeting higher-margin recurring software revenue.