Wabtec To Acquire Fandstan Electric - Quick Facts

(RTTNews) - Wabtec Corp. (WAB) announced it has signed a definitive agreement to acquire Fandstan Electric Group Ltd., a rail and industrial equipment manufacturer, for cash of about $215 million.

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 engineered products include pantographs, third rail shoe gears, electrical contacts and brush holders, and its brand names include Brecknell Willis, Stemmann Technik and Transtech. Based in London, England, Fandstan Electric has annual sales of about $235 million.

Albert Neupaver, Wabtec's CEO, 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."