Wabtec (NYSE: WAB) plans to let go of 150 employees at its facility in Erie, Pennsylvania, amid ongoing rail volume softness exacerbated by the COVID-19 pandemic.
The headcount reduction comes as the Surface Transportation Board (STB) released data this week that showed that employment levels within the U.S. operations of the Class I railroads fell 13.7% in September year-over-year (see below).
Wabtec, a rail equipment and technology provider, said the reduction was made “to align with today’s...
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