WILMERDING, Pa., Feb. 12, 2014 /PRNewswire/ -- Wabtec
Corporation (NYSE: WAB) has signed a definitive agreement to
acquire Fandstan Electric Group Ltd., a leading rail and industrial
equipment manufacturer, for cash of about $215 million. Based in London, England, Fandstan Electric has annual
sales of about $235 million. Wabtec
expects the transaction to be completed in the first quarter of
2014, subject to customary closing conditions and competition
authority clearance.
As previously announced, Wabtec plans to release its 2013 fourth
quarter and full-year results on Feb.
19, and it also plans to issue 2014 guidance, including
Fandstan Electric, on the same day.
Fandstan Electric designs, manufactures and installs electrical
current and data collection products for a variety of markets,
including rail and tram transportation, industrial and energy. The
company's highly engineered products include pantographs, third
rail shoe gears, electrical contacts and brush holders, and its
brand names include Brecknell Willis, Stemmann Technik and
Transtech. Fandstan Electric has about 1,000 employees and
operations in the U.K., Europe,
China, Australia, and the U.S.
Albert J. Neupaver, Wabtec's
chairman and chief executive officer, said: "Fandstan Electric will
expand our high-technology content on transit vehicles and provides
another entry into the infrastructure segment of the market. In
addition, the company has a strong presence in growing non-rail
markets, and a well-established aftermarket, with an installed base
in more than 100 countries around the world."
Wabtec Corporation is a global provider of value-added,
technology-based products and services for the rail and transit
industry. Through its subsidiaries, the company manufactures a
range of products for locomotives, freight cars and passenger
transit vehicles. The company also builds new switcher and commuter
locomotives, and provides aftermarket services. The company has
facilities located throughout the world.
Website: www.wabtec.com
SOURCE Wabtec Corporation