In September 13th, Westinghouse Air Brake Tech Corp (hereafter referred as WABTEC) held the first Asia Pacific Supplier Conference in Shanghai, and TMT was awarded Supplier of the Year 2023 in Asia-Pacific.
This conference is a reunion of suppliers after three years, with the scope of participation expanded from Chinese suppliers to the whole Asia-Pacific region and over 400 participants from more than 100 suppliers. President of WABTEC (China), CPO, VP of procurement for Americas, VP of procurement for Europe, VP of procurement for Asia-Pacific, VP of direct materials sourcing, global CQO and CQO for Asia-Pacific attended this conference. WABTEC executives reviewed their business in 2022, shared their views on future sourcing strategies and quality improvement requirements, and released the expectations of a market rebound.
All the staffs in TMT have worked tirelessly for more than 29 years to create value for customers and continuously improve customer satisfaction. This award is a high level of approbation from our customers.
I wonder if you might remember, last November, those staffs who stayed on their duty to beat down epidemic and ensure the stable of production. In the past three years, we could see so many heroes forging in harm’s way, ensuring the production and delivery of products. The tougher it is, the more we move forward, we’ll never give up until we succeed.
I wonder if you might remember, in 2021, due to the soaring prices of raw materials, colleagues in purchasing department were under tremendous pressure. In order to reduce costs and ensure supply, through a series of strong measures to tap potential and improve efficiency, reduce costs and save expense, we have ultimately withstood the impact of rising prices of raw materials.
I wonder if you might remember, there were two articles posted in the official channel, Outbound Forwarding: GE Securing Shipping Space in 2020 and Consignment of 2.0 Pro Plus for WABTEC in 2021. To guarantee the smooth shipment of the customer's products, the commercial staffs acted as a bridge to tightly connect the customer with the company and overcame various difficulties to finally complete the challenge.
The technical team is also committed to improving employee quality standards, enhancing their quality awareness, thus forming and solidifying a “first-class quality” management model. While setting up an attitude of pursuing the “zero defect” quality objective in the Overseas Business Unit, we are also accelerating the transition from “quality assurance” to “preventive quality control”, striving for first-class level and achieving high-quality development. We believe that TMT will join hands with each other and work tirelessly to promote the next 30 years of prosperity.
Everyone may be more familiar with GET but unfamiliar with WABTEC. In fact, from the century-long development of the enterprise, one can better understand the concept of ONE WABTEC. WABTEC is a U.S. company formed in 1999 through the merger of WABCO and Motive Power lndustries Corporation, headquartered in Pittsburgh, Pennsylvania. WABTEC was listed on the New York Stock Exchange under the symbol WAB and is a 400 component of S&P, with a total of 27000 employees. In 2022, WABTEC’s revenue was $8.3 billion. On July 27, 2015, WABTEC announced plans to purchase a 51% stake in Faiveley Transport SA in a $1.8 billion cash and stock transaction, including debt. The transaction closed on December 1, 2016 for a total of $1.7 billion. Main products in Faiveley Transport SA include PSD system and ASP system. On February 25th, 2019, WABTEC and GE Transportation merged and completed an $11 billion transaction in which WABTEC shareholders will own 49.9% of the future company, GE shareholders will own 40.2% of the shares and GE will own 9.9% of the shares, officially becoming a complete diesel locomotive manufacturer through this acquisition. GET is the most famous manufacturer of diesel locomotives in North America.