Wabtec Acquires Tec Tran, Only U.S.-Owned Manufacturer Of Hydraulic Braking Systems
WILMERDING, Pa., July 16, 2012 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB) has completed the acquisition of Tec Tran Corp. and its affiliates, the only U.S.-owned manufacturer of hydraulic braking systems for transit cars. Based in North Carolina and founded more than 30 years ago, Tec Tran has annual sales of about $10 million. Wabtec expects the transaction to be accretive in the first year.
Tec Tran designs and manufactures hydraulic braking systems and related components, including calipers, power units, electronic controls and brake discs, for both new and aftermarket applications. The company's customers include global transit car builders and many North American transit agencies.
"With its expertise in hydraulic braking equipment, Tec Tran offers new capabilities and technology to complement our product portfolio," said Albert J. Neupaver, Wabtec's president and chief executive officer. "This technology is the preferred braking system for light-rail vehicles and streetcars, which are a growing segment of the transit car market in the U.S. In addition, Tec Tran's products provide another way for Wabtec to help carbuilders meet their Buy America requirements."
Light-rail vehicles are used primarily within cities and around airports.
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
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