1001 Air Brake Avenue                         Exhibit 99.2
[WABTEC LOGO]   Wilmerding, PA 15148
                Phone: 412.825.1543                           PRESS
                Fax: 412.825.1789                             RELEASE



CONTACT:     TIM WESLEY, WABTEC, (412) 825-1543
             JEFF DEMARRAIS, GETS, (814) 875-3457


             WABTEC COMPLETES SALE OF CERTAIN ASSETS TO GE TRANSPORTATION
             SYSTEMS FOR $240 MILLION; PROCEEDS TO BE USED TO REDUCE DEBT

                  WILMERDING, Pa., Nov. 2, 2001 -- Wabtec Corporation (NYSE:
             WAB) has completed the sale of certain locomotive aftermarket
             assets to GE Transportation Systems (GETS) for $240 million in
             cash. The company will use the net proceeds from the sale to reduce
             debt. The transaction is expected to be modestly accretive to
             Wabtec's earnings in 2002, including incremental business from GETS
             and a reduction in interest expense.

                  "This transaction strengthens the company in two ways," said
             William E. Kassling, Wabtec chairman. "First, we are now positioned
             strategically to focus on our core, original equipment businesses
             where we have intellectual property, proprietary know-how and
             technical expertise that combine to give us a clear, competitive
             advantage in those market segments. And second, the proceeds from
             the sale will be used for debt reduction, a major corporate goal,
             which will strengthen our balance sheet further in this difficult
             market."

                  At Sept. 30, 2001, Wabtec had debt of $455 million (68 percent
             of total capital), a reduction of $85 million so far this year.
             Including an additional $15 million of further debt reduction from
             operations, as well as the net proceeds of about $200 million from
             the sale, the company's year-end debt could be as low as $240
             million. This compares to a high of $572 million in 1999.

                  The assets sold to GETS primarily include locomotive
             aftermarket products and services for which Wabtec is not the
             original equipment manufacturer. These assets include: Motor Coils
             Manufacturing, Wabtec Engine Systems, Wabtec Distribution and MPI
             de Mexico. In addition, GETS acquired Wabtec's locomotive service
             contract businesses in Barstow, Calif. and in Mexico.

                  Wabtec Corporation (www.wabtec.com) is one of North America's
             largest providers of value-added, technology-based products and
             services for the rail industry. Through its subsidiaries, the
             company manufactures a range of products for locomotives, freight
             cars and passenger transit vehicles. The company also builds new
             locomotives up to 4,000 horsepower and provides aftermarket
             services, including locomotive and freight car fleet maintenance.
             The company has facilities located throughout the world. Wabtec's
             mission is to be judged by its stakeholders as the world-class
             corporation focused on helping its global rail and transit
             customers compete more effectively through higher levels of
             quality, safety and productivity.

                                       ###