What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-13 compared with 2025-02-12 · 71 added, 80 removed, 349 unchanged (30% of the section changed)

1 unchanged sentence

Our telephone number is 412-825-1000, and our website is located at www.wabteccorp.com .

Wabtec has approximately 31,000 employees, excluding contingent workers, and operations in over 50 countries.

Except as the context otherwise requires, all references to “we”, “our”, “us”, the “Company” and “Wabtec” refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries.

12 unchanged sentences

This brought a global technology leader and supplier of locomotives, equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries into Wabtec.

As a result of those strategic acquisitions, as well as other smaller acquisitions and organic growth, Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, and the mining, marine, and industrial markets.

Wabtec has approximately 29,500 employees, excluding contingent workers, and operations in over 50 countries.

Our highly engineered products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world.

Industry Overview

Our highly engineered rail and transit products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world.

Wabtec intends to continue to pursue strategic acquisitions that position the company for accelerated, profitable growth and strengthen our businesses with enhanced product offerings that increase customer productivity, reliability, and safety.

Industry Overview and Opportunity

The Company primarily serves the global freight rail and passenger transit industries.

11 unchanged sentences

Consistent with the UNIFE study, increased investment in infrastructure improvements, digitalization and automation is expected, all of which would improve efficiency in the global rail industry.

Acquisitions also play a role in the Company's growth, market access, and new technology advancements.

The Company's focus has been on bolt-on and near-in adjacencies, evidenced by our acquisitions completed and announced in 2025, including Evident's Inspection Technologies division ("Inspection Technologies") and Frauscher Sensor Technology Group ("Frauscher").

Business Segments and Products

3 unchanged sentences

provides components to new and existing freight cars;

builds new commuter locomotives;

supplies rail control and infrastructure products including electronics, positive train control equipment, signal design and engineering services;

provides a comprehensive suite of

software-enabled solutions designed to improve customer safety, efficiency and productivity in the transportation and mining industries;

provides a comprehensive suite of software-enabled solutions designed to improve customer safety, efficiency and productivity in the transportation and mining industries;

overhauls locomotives;

and provides heat exchangers and cooling systems for rail and other industrial markets.

provides heat exchangers and cooling systems for rail and other industrial markets;

provides nondestructive testing, remote visual inspection and analytical instruments solutions for mission critical assets;

and delivers train detection, wayside object control solutions, and axle counting systems.

Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, utilities, and companies in the mining, marine, and industrial markets.

2 unchanged sentences

In 2025, the Freight Segment accounted for approximately 72% of Wabtec’s total net sales, with approximately 60% of its net sales in the U.S.

and approximately 61% of the Freight Segment’s net sales were in the aftermarket.

and approximately 58% of the Freight Segment’s net sales in the aftermarket.

The Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses;

8 unchanged sentences

• Marine and mining products

Digital Intelligence Products:

Digital Intelligence:

• Positive Train Control ("PTC") equipment and electronically controlled pneumatic braking products

2 unchanged sentences

• Train performance such as distributed locomotive power, train 'cruise control', and train remote control

• Transport intelligence such as Industrial/mobile Internet of Things (IoT) hardware & software, edge-to-cloud, on and off-board analytics & rules, and asset performance management

• Transport intelligence such as Industrial/mobile Internet of Things ("IoT") hardware & software, edge-to-cloud, on and off-board analytics and rules, and asset performance management

• Transport logistics such as rail and shipper transportation management and port visibility and optimization

• Network optimization such as rail network scheduling, dispatch and optimization, intermodal, terminal management and optimization, and rail yard management and optimization

• Nondestructive testing, remote visual inspection and analytical instruments solutions for mission critical assets

• Train detection, wayside object control solutions, and axle counting systems

• Freight car trucks and braking equipment and related components for freight applications

3 unchanged sentences

• Railgear, signaling and switch products

• Turbochargers for industrial and aftermarket vehicle applications

• Turbochargers for industrial applications

• Maintenance of way equipment and services

• Freight locomotive overhauls, modernizations and refurbishment

3 unchanged sentences

• Long term parts arrangements

• Maintenance of way equipment and services

Transit Products:

• Railway and freight braking equipment and related components, including high-speed passenger transit vehicles

9 unchanged sentences

From pioneering advancements to current signaling systems and network efficiency solutions, we are striving to increase the rail capacity to move more freight by train.

Wabtec is working to reduce existing locomotive fleet emissions through fuel-efficiency solutions and testing renewable diesel and biofuels.

Wabtec is working to reduce existing locomotive fuel consumption through fuel-efficiency solutions and testing renewable diesel and biofuels.

We are also conducting collaborative research and development efforts with the National Laboratories to support the use of hydrogen to lower emissions across the rail industry.

In 2024, Canadian National Railway Company, Norfolk Southern and Union Pacific Railroad each recognized Wabtec’s leadership in sustainability, energy efficiency, innovation, and environmental stewardship with partnership awards.

This was Wabtec’s second year in a row receiving the Thoroughbred Sustainability Partner Award from Norfolk Southern.

Wabtec also is implementing energy-reducing technologies for the passenger transit sector.

In 2022, Wabtec received sustainability awards from both the German Ministry of Transportation and Deutsche Bahn and for our Green Air heating, ventilation, and air conditioning (HVAC) solution.

In both 2025 and 2024, Canadian National Railway Company, Norfolk Southern and Union Pacific Railroad each recognized Wabtec’s leadership in energy efficiency, innovation, and environmental stewardship with partnership awards.

This was Wabtec’s third year in a row receiving the Thoroughbred Sustainability Partner Award from Norfolk Southern.

Wabtec is also implementing energy-reducing technologies for the passenger transit sector.

In recent years, we have also introduced a number of significant new products, including PTC equipment that encompasses onboard digital data and global positioning communication protocols.

We are making additional investments in this technology which we believe will provide customers with opportunities to improve safety and efficiency, in part through data analytics solutions.

During 2023, Wabtec also expanded the Digital Intelligence portfolio with entry into the railcar telematics market.

During 2025, Wabtec also expanded the Digital Intelligence portfolio with the addition of nondestructive testing and remote visual inspection instruments, as well as axle counting systems.

For additional information on our business segments, see Note 19 of “Notes to Consolidated Financial Statements” included in Part II, Item 8 of this report.

6 unchanged sentences

• Breadth of product offering with a stable mix of original equipment market ("OEM") and aftermarket business .

Our comprehensive product portfolio and service offerings span the freight rail and passenger transit industries, as well as the bus, mining, marine, and industrial markets, which help Wabtec balance the cyclical nature of the global rail business.

Our comprehensive product portfolio and service offerings span the freight rail and passenger transit industries, as well as other transportation, mining, marine, and industrial markets and applications, which help Wabtec balance the cyclical nature of the global rail business.

We provide our products in both the original equipment market and the aftermarket.

5 unchanged sentences

Wabtec's engineers and technical capabilities support continued focus on innovative product development and efforts to achieve scalable technologies.

We believe both our customers and government authorities value our technological capabilities and commitment to innovation, as we seek not only to enhance the efficiency and profitability of our customers, but also to improve the overall safety of the railways through continuous improvement of product performance.

We believe both our customers and government authorities

value our technological capabilities and commitment to innovation, as we seek not only to enhance the efficiency and profitability of our customers, but also to improve the overall safety of the railways through continuous improvement of product performance.

To that end, we have assembled a wide range of patented products, which we believe provides us with a competitive advantage that enhances our customers' safety, productivity, reliability and capacity.

• Driving fuel efficiency for the rail industry.

We have taken significant steps to drive fuel efficiency in global transport and make our world safer, smarter and greener.

Wabtec is advancing our sustainability priorities both through our own commitments to our people, communities, and planet, as well as by innovating next generation technologies that reduce

emissions, energy consumption and waste, and increase fuel efficiency for our customers through advancements in our equipment and digital solutions.

We have taken significant steps to drive fuel efficiency in global transport and make our world safer, smarter and more sustainable.

Wabtec is advancing our sustainability priorities both through our own commitments to our people, communities, and planet, as well as by innovating next generation technologies that reduce emissions, energy consumption and waste, and increase fuel efficiency for our customers through advancements in our equipment and digital solutions.

• Driving the digital transformation of the rail industry.

6 unchanged sentences

For example, we have partnered with a customer, as well as an artificial intelligence and robotics institution, to create technologies that will further decarbonize freight rail transport, improve freight safety, and generate greater rail network utilization.

By working together with these partners and others, we are developing advanced solutions for the industry to realize the zero-emission rail network of the future.

By working together with these partners and others, we are developing advanced solutions for the industry to realize the low-to-zero emission rail network of the future.

• Experience with industry regulatory requirements.

The freight rail and passenger transit industries are governed by various government agencies and regulators in each country and region.

These groups mandate rigorous manufacturer certification and a new product testing and approval processes that we believe are difficult for new entrants to meet cost-effectively and efficiently without the scale and extensive experience we possess.

These groups mandate rigorous manufacturer certification and new product testing and approval processes that we believe are difficult for new entrants to meet cost-effectively and efficiently without the scale and extensive experience we possess.

• Streamlined cost structure and operational excellence provide operating leverage and support Wabtec’s growth.

11 unchanged sentences

• Accelerate innovation of scalable technologies .

We continue to emphasize innovation and development funding to create new products and capabilities to increase customer productivity, efficiency, capacity, utilization and safety, such as the hydrogen powered locomotive, vehicle monitoring and data analytics.

We plan to invest in bringing new technologies to market for our customers.

We continue to emphasize innovation and development funding to create new products and capabilities to increase customer productivity, efficiency, capacity, utilization and safety, such as alternatively fueled locomotive, vehicle monitoring and data analytics, and nondestructive testing.

We plan to invest in bringing new technologies to market for our customers, which may include portfolio expansion through strategic acquisitions.

A significant portion of our investment is expected to be focused on three customer-centric areas of innovation:

advanced supply chain visibility, automation and digitization and zero-emissions operations.

advanced supply chain visibility, automation and digitization and low-to- zero emissions operations.

These investments will position our customers for success and make these technologies the standard going forward.

2 unchanged sentences

We are focusing on technological advances, especially in the areas of electronics and alternative fuels, including hydrogen technologies, braking products and other on-board equipment, as a means to deliver new product growth.

We seek to provide customers with incremental technological advances that offer immediate benefits with cost-effective investments.

seek to provide customers with incremental technological advances that offer immediate benefits with cost-effective investments.

• Grow and refresh expansive installed base.

2 unchanged sentences

We intend to increase sales through direct sales of existing products to current and new customers, by developing specific new products for application in new geographic markets, by making strategic acquisitions and through joint ventures with railway suppliers which have a strong presence in their local markets.

We believe that international markets represent a

significant opportunity for future growth.

We believe that international markets represent a significant opportunity for future growth.

In Transit, we are focused on mature markets such as Europe and emerging markets such as India.

In Freight, we are targeting markets that operate significant fleets of locomotives and freight cars, including Australia, Brazil, Egypt, India, South Africa, Kazakhstan, and other select areas within Europe, Asia and South America.

In Freight, in addition to North America, we are targeting markets that operate significant fleets of locomotives and freight cars, including Australia, Brazil, India, South Africa, Kazakhstan, and other select areas within Europe, Asia and South America.

In addition, we have opportunities to increase the sale of certain products that we currently manufacture for the rail industry into other industrial markets, such as mining, off-highway and energy.

• Drive fuel efficiencies through emerging technologies.

• Drive efficiencies through emerging technologies.

Today, rail represents the cleanest, most energy efficient and safest mode of moving freight and people on land.

25 unchanged sentences

Substantial scope-of-work adjustments are common.

For these and other reasons, completion of the Company’s backlog may be delayed or canceled.

For these and other reasons, completion of the Company’s backlog may be delayed or canceled, and reported backlog should not be viewed as a guarantee of future revenue.

The railroad industry, in general, has historically been subject to fluctuations due to overall economic conditions and the level of use of alternative modes of transportation.

28 unchanged sentences

We do not believe that any single license agreement is of material importance to our business or any of our business segments as a whole.

We provide products and services for more than 500 customers worldwide.

We serve a global customer base with products and services purchased across international markets.

Our customers include passenger transit authorities and railroads throughout North America, Europe, Asia Pacific, Africa, and South America;

manufacturers of transportation equipment, such as locomotives, freight cars, passenger transit vehicles and buses and companies that own, lease, and maintain such equipment, as well as customers in the mining, marine, and industrial markets.

manufacturers of transportation equipment, such as locomotives, freight cars, passenger transit vehicles and buses;

companies that own, lease, and maintain such equipment;

as well as customers in the mining, marine, and industrial markets and applications and companies in the generation, distribution, and charging industries.

Top customers can change from year to year.

3 unchanged sentences

We operate in a highly competitive marketplace.

Price competition is strong because we have a relatively small number of customers and they are very cost-conscious.

In addition to price, competition is based on product performance and technological leadership, quality, reliability of delivery, and customer service and support.

7 unchanged sentences

Depending on the product line and geography, we can also compete with our customers, such as CRRC Corporation Limited, a China-based manufacturer of rolling stock.

Environmental, Social and Governance

Sustainability

2 unchanged sentences

Our strategy helps us capitalize on market opportunities and reduce safety and environmental risks, while creating value for our customers, employees and other stakeholders.

Wabtec utilizes three Strategic Sustainability Principles to execute our sustainability strategy:

Wabtec focuses on three Sustainability Principles to execute our sustainability strategy:

• Innovating with Purpose.

We are committed to developing responsible and sustainable products that minimize the impact on the planet.

We are committed to developing responsible and sustainable products.

• Driving Responsible Operations.

2 unchanged sentences

We are committed to driving an inclusive culture grounded in integrity, committed to the development of and investment in the communities where our teams live and work.

As we refine our sustainability strategy, we believe it is important to listen to our key internal and external stakeholders to identify and develop Environmental, Social and Governance ("ESG") topics of focus that align to our overall sustainability strategy and action plans.

These topics are reviewed periodically to ensure our focus is in-line with the current market conditions and trends.

Additionally, we utilize our Green Finance Framework to support the development of technologies that enable sustainable value creation.

Wabtec is committed to transparency on ESG topics, including the opportunities and challenges we encounter as we work to enhance performance and conduct business in a responsible manner.

We publish periodic sustainability and sustainability-related reports, where we present ESG information, including policies, goals, activities, and qualitative and quantitative data on our progress.

To align Wabtec's overall sustainability strategy and action plans with the current market conditions and trends, we periodically review our sustainability priorities to ensure they reflect the areas of highest importance to our key internal and external stakeholders.

Wabtec is committed to transparency on Environmental, Social, and Governance ("ESG") topics, including the opportunities and challenges we encounter as we work to enhance performance and conduct business in a responsible manner.

We publish periodic sustainability and sustainability-related reports, where we present sustainability information, including policies, goals, activities, and qualitative and quantitative data on our progress.

Compensation and Benefits

1 unchanged sentence

To deliver on that commitment, we utilize market data to benchmark to the external market and consider factors such as an employee’s role and experience, the location of the job and performance when determining compensation.

We provide our employees resources to help them be mentally, physically and financially well.

We offer a wide range of benefits including healthcare and wellness (physical and mental) benefits, retirement benefits, paid time off, an employee assistance program, and seven employee resource groups to build diverse and inclusive communities at Wabtec.

We provide our employees with resources to help them be mentally, physically and financially well.

We offer a wide range of benefits including healthcare and wellness (physical and mental) benefits, retirement benefits, paid time off, an employee assistance program, and several employee resource groups to build inclusive communities at Wabtec.

Human Capital

3 unchanged sentences

Unlock our customers’ potential by delivering innovative and lasting transportation solutions.

Wabtec, our purpose stems from four values that shape our core identity:

At Wabtec, our purpose stems from four values that shape our core identity:

People First, Expand the Possible, Embrace Diversity, and One Wabtec.

7 unchanged sentences

A portion of our workers are represented by labor unions.

The United Electrical, Radio and Machine Workers of America (UE), Locals 506 and 618 collective bargaining agreement, covering approximately 1,400 locomotive manufacturing workers in Erie, Pennsylvania, expired on June 9, 2023.

Negotiations with the UE officially began on April 27, 2023 and an agreement between the Company and the UE was not reached before the contract expired.

On June 22, 2023, the UE voted against ratification of the Company's proposed agreement and authorized a strike.

The Company and the UE subsequently reached an agreement that was ratified by the UE on August 31, 2023, ending the labor strike.

The United Electrical, Radio and Machine Workers of America ("UE"), Locals 506 and 618 collective bargaining agreement, covering approximately 1,400 locomotive manufacturing workers in Erie, Pennsylvania, expires April 30, 2027.

The Company continuously monitors its labor activity.

1 unchanged sentence

We continually invest in our employees’ career growth and provide employees with a wide range of development opportunities, including face-to-face, virtual, social and self-directed learning, mentoring and coaching programs.

We have invested in training courses through Wabtec’s Learning Management System ("LMS").

Wabtec has partnered with a third-party vendor to provide an online learning platform available to all of our employees, both hourly and salary.

Wabtec has invested in training courses through a partnership with a third-party vendor to provide an online learning platform available to all of our employees, both hourly and salary.

Our Leadership, Expertise, Advancement and Development ("LEAD") program is the primary path for university graduates into Wabtec.

11 unchanged sentences

We remain steadfast in our commitment to protecting our people and driving toward EHS excellence.

In the course of our operations, we are subject to various regulations and standards of governments and other agencies in the U.S.

In the course of our operations, we are subject to various regulations and standards of government authorities and other standard-setting bodies in the U.S.

and around the world.

These entities typically govern equipment, safety and interoperability standards for freight rail rolling stock and passenger transit, oversee a wide variety of rules and regulations governing safety and design of equipment, and evaluate certification and qualification requirements for suppliers.

New products generally must undergo testing and approval processes that are rigorous and lengthy.

New products are generally subject to rigorous and lengthy testing and approval processes.

As a result of these regulations and requirements, we must usually obtain and maintain certifications in a variety of jurisdictions and countries.

The governing bodies include the Federal Railroad Administration ("FRA") and the Association of American Railroads ("AAR") in the U.S., and the International Union of Railways (“UIC”) and the European Railway Agencies in Europe.

Also, in Europe, the European Committees for Standardization continually draft new European standards which cover, for example, the Reliability, Availability, Maintainability and Safety of railways systems.

To guarantee interoperability in Europe, the European Union for Railway Agencies is responsible for defining and implementing Technical Standards of Interoperability, which covers areas such as

infrastructure, energy, rolling stock, telematic applications, traffic operation and management subsystems, noise pollution and waste generation, protection against fire and smoke, and system safety.

Most countries and regions in which Wabtec does business have similar rule-making bodies.

For example, in China any product or system sold on the Chinese market must have been certified in accordance with national standards.

In the local Indian market, most products are covered by regulations patterned after AAR and UIC standards.

In addition, the European Committees for Standardization continue to develop European standards which cover, for example, the Reliability, Availability, Maintainability and Safety of railways systems.

To support interoperability of the European railway network, the European Union for Railway Agencies is responsible for defining and implementing Technical Standards of Interoperability, which covers areas such as infrastructure, energy, rolling stock, telematic applications, traffic operation and management subsystems, noise pollution and waste generation, protection against fire and smoke, and system safety.

Most countries and regions in which Wabtec does business have similar regulatory and certification frameworks.

For example, any product or system sold in China must be certified in accordance with national standards.

In India, many products are subject to regulations generally aligned with AAR and UIC standards.

Effects of Seasonality

5 unchanged sentences

The Company's operations and products are subject to a variety of environmental laws and regulations governing air emissions, discharges into water, the use, handling, storage, and disposal of hazardous substances and waste materials, as well as the remediation of contamination associated with releases of hazardous substances.

The Company believes its operations and products currently comply in all material respects with all of the various environmental laws and regulations applicable to our business;

The Company believes its operations and products currently comply in all material respects with the various environmental laws and regulations applicable to our business;

however, there can be no assurance that environmental requirements will not change in the future or that we will not incur significant costs to comply with such requirements.

2 unchanged sentences

Available free of charge on this site are:

our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as the annual report to stockholders, our Green Bond Report (https://ir.wabteccorp.com/investor-relations/green-finance-framework), our sustainability and sustainability-related reports (www.wabteccorp.com/sustainability/report-archive), and other information.

The Internet site and the information contained therein or connected thereto are not incorporated by reference into this Form 10-K.

our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as the annual report to stockholders, our Green Finance Framework and related reports (https://ir.wabteccorp.com/investor-relations/green-finance-framework), our sustainability and sustainability-related reports (www.wabteccorp.com/sustainability/report-archive), and other information.

The Internet sites and the information contained therein or connected thereto are not incorporated by reference into this Form 10-K.

The following are also available free of charge on this site and are available in print to any shareholder who requests them:

Our Corporate Governance Guidelines, the charters of our Audit, Compensation and Talent Management and Governance and Sustainability Committees, our Code of Conduct, which is applicable to all employees, our Code of Ethics for Senior Officers, which is applicable to our executive officers, our Policies on Related Party Transactions and Conflict Minerals.

Our Corporate Governance Guidelines, the charters of our Audit, Compensation and Talent Management, Governance and Risk and Public Policy Committees, our Code of Conduct, which is applicable to all employees, our Code of Ethics for Senior Officers, which is applicable to our executive officers, and our Policies on Related Party Transactions and Conflict Minerals.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

9 unchanged sentences

Fetsko 61 President, Freight and Industrial Components

Alicia Hammersmith 54 President, Freight Services

Sameer Gaur 53 President, Freight Services

Rogerio Mendonca 53 President, Freight Equipment

1 unchanged sentence

Pascal Schweitzer 49 President, Transit

Lillian Leroux 53 Chief Strategy and Sustainability Officer

Mastalerz 59 Senior Vice President of Finance and Chief Accounting Officer

16 unchanged sentences

Prior to Harley-Davidson, Mr.

Olin served as Controller of Kraft Foods' Cheese Division, and had 12 years of financial leadership at Kraft, Oscar Mayer Foods, and Miller Brewing Company.

Olin served as Controller of Kraft Foods' Cheese Division, and had 12 years of financial leadership at Kraft,

Oscar Mayer Foods, and Miller Brewing Company.

Olin also held positions with financial services and specialized consulting firms including Ernst and Whinney (now Ernst and Young).

28 unchanged sentences

Fetsko served in various management roles with two different environmental engineering firms.

Alicia Hammersmith was named President, Freight Services in April 2023.

Previously, Ms.

Hammersmith served as Group Vice President, Transit Operations from 2020-2023 and as General Manager Latin America & Texas from 2019-2020.

Prior to joining Wabtec, Ms.

Hammersmith served in various management roles with GE.

Sameer Gaur was named President, Freight Services effective January 2026.

Previously, Mr.

Gaur was the Group President of Transit Services at Wabtec since January 2001.

Prior to that, he was Senior Vice President of Freight Services, Product Management from February 2019 to January 2021, and Senior Executive, GM Product Manager of Global Services at GE Transportation from January 2016 to February 2019.

Prior to that he performed various executive roles at GE Capital from August 2012 to January 2016, and GE Rail Services from June 2003 through July 2012, and worked for Canadian National Railway from June 1997 to June 2003.

Rogerio Mendonca was named President, Freight Equipment in February 2021.

11 unchanged sentences

He also served as General Manager – Europe – Power Services for GE Power from November 2015 through April 2017 and prior to that several positions with Alstom Power.

Lilian Leroux was named Chief Strategy and Sustainability officer in April 2023.

Previously he served as President, Transit from March 2019 to April 2023 and Group President—Brakes & Safety from January 2017 to October 2019.

Prior to that, Mr.

Leroux held various executive management roles with Faiveley Transport, starting in January 2001.

Mastalerz was named Senior Vice President of Finance and Chief Accounting Officer in February 2020.

12 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business