Knorr-Bremse

Knorr-Bremse, based in Munich, is the world's leading maker of braking systems for trains and commercial vehicles, a critical safety supplier with strong positions in both rail and trucks. A large aftermarket for spare parts and service adds a steady, recurring layer of revenue. The company has paid and grown its dividend since listing, funded by dependable cash flow, though the yield is modest and earnings follow the vehicle cycle. A dependable, moderate payout from a high-quality, safety-critical supplier defines its profile.