Wabtec Completes Purchase of G&B Specialties

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Jul 28, 2010, 01:37 ET

WILMERDING, Pa., July 28 /PRNewswire-FirstCall/ -- Wabtec Corporation (NYSE: WAB) has completed the acquisition of G&B Specialties, Inc., from Global Railway Industries Ltd. (GBI: TSX) for about $35 million. On July 14, Wabtec announced that it had signed an agreement to acquire G&B Specialties and Bach-Simpson Corporation from Global Railway Industries for about $45 million. The Bach-Simpson acquisition is expected to be completed by Oct. 31. Wabtec expects the transactions to be accretive in the first year.

With revenues of about $20 million, G&B Specialties manufactures railroad track and signaling products. Bach-Simpson has revenues of about $10 million, and designs and builds electronic instrumentation devices for rail and transit markets.

Based in Berwick, Pa., G&B manufactures a variety of track and signaling products, including electric switch components, switch machine layouts, electric locks, junction boxes and rail gear equipment. Customers include railroads and original equipment manufacturers of track and signal infrastructure. The company was founded in 1979 and has about 100 employees.

Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. 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. The company has facilities located throughout the world.

Website: www.wabtec.com

SOURCE Wabtec Corporation