Wabtec Acquires Longwood, A Manufacturer Of Specialty Rubber Products
WILMERDING, Pa., Sept. 24, 2013 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB) has acquired Longwood Industries, Inc., a manufacturer of specialty rubber products for transportation, oil and gas, and industrial markets, with annual sales of about $70 million. Wabtec expects the transaction to be accretive in the first year.
Longwood designs and manufactures a broad line of specialty rubber products for original equipment manufacturers and aftermarket applications. The company has about 450 employees, and facilities in the U.S. and Europe, including a Research & Development Center in Texas.
Albert J. Neupaver, Wabtec's chairman and chief executive officer, said: "With its diverse end markets and technical expertise, Longwood will be a strategic complement to our existing rubber products businesses, which also serve transportation and industrial markets. We will benefit from Longwood's capabilities and market position in the oil and gas sector, and we expect to use our global presence to expand its international sales."
Longwood's products include highly specialized diaphragms and seals used in equipment such as pumps, valves and shock absorbers. The company has a particular expertise in developing and manufacturing custom solutions for bonding rubber to metal and rubber to fabric.
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