Westinghouse Air Brake Technologies Corp was incorporated in 1990 in Delaware. It is a provider of value-added, technology-based products and services for the rail industry. The Company's products enhance safety, improve productivity and reduce maintenance costs for customers, and many of its core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. The Company provides its products and services through two main business segments, the Freight Segment and the Transit Segment, both of which have different market characteristics and business drivers. The Freight segment mainly manufactures and services components for new and existing freight cars and locomotives, builds new switcher locomotives and rebuilds freight locomotives. Customers include publicly traded railroads, leasing companies and manufacturers of original equipment such as locomotives and freight cars around the world. The Transit Segment mainly manufactures and services components for new and existing passenger transit vehicles, typically subway cars and buses, builds new commuter locomotives and refurbishes subway cars. Customers include public transit authorities and municipalities, leasing companies and manufacturers of subway cars and buses around the world. Its customers include railroads throughout North America, as well as in the United Kingdom, Australia, Europe, Asia and South Africa; manufacturers of transportation equipment, such as locomotives, freight cars, subway vehicles and buses; lessors of such equipment; and passenger transit authorities, mainly those in North America. It operates in a competitive marketplace and faces competition from a limited number of established competitors in the United States and abroad, some of which might have greater financial resources than it does. Within North America, New York Air Brake Company, a subsidiary of the German air brake producer Knorr-Bremse AG "Knorr" and Amsted Rail Company, Inc., a subsidiary of Amsted Industries Corporation, are OEM competitors. Its competition for locomotive, freight and passenger transit service and repair is mainly from the railroads' and passenger transit authorities' in-house operations, Electro-Motive Diesel, GE Transportation Systems, and New York Air Brake/Knorr. The Company's operations are subject to various regulations of agencies and other entities.