Wabtec Acquires Turbonetics
WILMERDING, PA, July 30, 2013 - Wabtec Corporation (NYSE: WAB) has acquired Turbonetics Holdings, Inc., a manufacturer of turbochargers and related components for various industrial markets. Turbonetics has annual sales of about $15 million. Wabtec expects the transaction to be accretive in the first year.
Based in Moorpark, Calif., Turbonetics designs and manufactures turbochargers and pressure-control products for engines used mainly in various industrial markets, including energy, aerospace, marine and high-performance applications. Turbonetics' customers include a variety of original equipment engine manufacturers and end-users. The company has about 40 employees.
Albert J. Neupaver, Wabtec's chairman and chief executive officer, said: "With its technology focus and strong aftermarket presence, Turbonetics is a good fit for Wabtec and a strategic complement to our recently acquired Napier Turbocharger business. Together, they can leverage their strong engineering and technical capabilities, and their complementary product lines should enable both companies to expand in existing and new markets. We also expect to use Wabtec's global presence to create new opportunities for Turbonetics' products."
Wabtec Corporation is a global provider of value-added, technology-based products and services primarily 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. Wabtec has facilities located throughout the world.