943452--2/29/2008--WESTINGHOUSE_AIR_BRAKE_TECHNOLOGIES_CORP

related topics
{cost, operation, labor}
{condition, economic, financial}
{operation, international, foreign}
{debt, indebtedness, cash}
{financial, litigation, operation}
{cost, regulation, environmental}
{product, market, service}
{competitive, industry, competition}
{acquisition, growth, future}
{product, liability, claim}
{personnel, key, retain}
We are dependent upon key customers. Our business operates in a highly competitive industry. We intend to pursue acquisitions, joint ventures and alliances that involve a number of inherent risks, any of which may cause us not to realize anticipated benefits. As we introduce new products and services, a failure to predict and react to consumer demand could adversely affect our business. Our revenues are subject to cyclical variations in the railway and passenger transit markets and changes in government spending. Prolonged unfavorable economic and market conditions could adversely affect our business. A growing portion of our sales may be derived from our international operations, which exposes us to certain risks inherent in doing business on an international level. We may incur increased costs due to fluctuations in interest rates and foreign currency exchange rates. We may have liability arising from asbestos litigation. We are subject to a variety of environmental laws and regulations. Our manufacturer s warranties or product liability may expose us to potentially significant claims. Labor disputes may have a material adverse effect on our operations and profitability. From time to time we are engaged in contractual disputes with our customers. Our indebtedness could adversely affect our financial health. The indenture for our $150 million 6 7/8% senior notes due in 2013 and our Refinancing Credit Agreement contain various covenants that limit our Management s discretion in the operation of our businesses. The integration of our recently completed acquisitions may not result in anticipated improvements in market position or the realization of anticipated operating synergies or may take longer to realize than expected.

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