By Paul Ziobro
Wabtec has acquired Bloom Engineering for $69 million, boosting its portfolio of heat-transfer and energy offerings.
The provider of equipment for rail and other industries on Monday said it will integrate Bloom's technologies in burners, combustion systems and other services for industrial and process-heating applications into its freight and industrial-components group.
The acquisition, which occurred in the fourth quarter, will accelerate growth in what Wabtec called a highly profitable segment, while also adding value to its global customer base.
Wabtec, whose full name is Westinghouse Air Brake Technologies, paid for the deal with cash on hand and by tapping into its revolving credit facility. It expects the deal to be immediately accretive to per-share earnings after excluding transaction costs. It also expects to realize synergies over the next three years.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
December 30, 2024 07:30 ET (12:30 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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