Wabtec makes locomotives, rail equipment and braking systems used by freight and passenger railroads around the world, along with a significant parts and service business supporting the large installed base of rail equipment already in operation. Its locomotive and rail component businesses depend on capital spending by railroads, which tends to follow a longer, less frequent replacement cycle than most other transportation equipment given how long locomotives remain in service. Wabtec's aftermarket parts and service business, supplying replacement components and maintenance for existing locomotives and rail cars, provides steadier, more recurring revenue than new equipment sales alone. The company also makes braking and coupling systems for transit and freight rail applications, giving it exposure to both passenger rail infrastructure spending and freight railroad capital investment.