Wabtec Acquires Unifin, a Leading Manufacturer of Cooling Systems for Power Industry
October 02 2009 - 8:28AM
PR Newswire (US)
WILMERDING, Pa., Oct. 2 /PRNewswire-FirstCall/ -- Wabtec
Corporation (NYSE:WAB) has acquired Unifin International from Koch
Chemical Technology Group LLC, for $93 million. A leading
manufacturer of cooling systems and related equipment for the power
generation and transmission industry, Unifin has annual sales of
about $45 million. Wabtec expects the transaction to be accretive
in the first year. "Unifin is a strategic complement to our Young
Touchstone business unit, which is already well established in the
industrial cooling systems market," said Albert J. Neupaver,
Wabtec's president and chief executive officer. "The combination of
our existing products and technology with Unifin's product line and
aftermarket presence strengthens our worldwide position in the
industrial cooling systems market, which we believe offers
long-term stability and growth potential. In addition, this
acquisition further diversifies Wabtec's business model into an
adjacent market where we have proven technology and experience. We
plan to continue to explore other niche opportunities worldwide to
expand our cooling systems business." Unifin designs and
manufactures a variety of cooling systems and related components,
including oil coolers and pumps. The company's customers include
utilities and original equipment manufacturers of power generation
and distribution equipment, primarily in North America. Unifin has
about 100 employees at three facilities, two in the U.S. and one in
Canada. 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. Koch Chemical
Technology Group is a wholly owned subsidiary of Koch Industries,
Inc., based in Wichita, Kansas. Website: http://www.wabtec.com/
DATASOURCE: Wabtec Corporation CONTACT: Tim Wesley of Wabtec
Corporation, +1-412-825-1543, Web Site: http://www.wabtec.com/
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