Wabtec acquires Fandstan Electric Group
UK: On February 12 Wabtec Corp announced that it had signed a definitive agreement to acquire Fandstan Electric Group for US$215m.
UK-based Fandstan Electric has 1 000 employees in Europe, China, Australia and the USA, manufacturing electric current and data collection products including pantographs, shoe gear, electrical contacts and brush holders under the Brecknell Willis, Stemmann Technik and TransTech brands. Annual sales are around US$235m.
The deal is expected to close in the first quarter of 2014. 'Fandstan Electric will expand our high-technology content on transit vehicles and provides another entry into the infrastructure segment of the market', said Wabtec Chairman & CEO Albert J Neupaver. '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.'