Wabtec Acquires Turbonetics, A Manufacturer Of Turbochargers For Industrial
WILMERDING, Pa., July 30, 2013
WILMERDING, Pa., July 30, 2013 /PRNewswire/ -- 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'
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.
SOURCE Wabtec Corporation
Contact: Tim Wesley, 412.825.1543, firstname.lastname@example.org
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