Wabtec (WAB) announced it has acquired Bloom Engineering This acquisition strengthens Wabtec’s portfolio of heat transfer and energy solutions, integrating Bloom Engineering’s advanced technologies in burners, combustion systems, and overall services for industrial and process heating applications. The combination of Bloom Engineering with Wabtec’s existing portfolio of products and services will accelerate global growth in this highly profitable segment, while providing increased value to its worldwide customer base. “This is another exciting addition to Wabtec,” said Mike Fetsko, President of Wabtec’s Freight & Industrial Components Group. “Bloom Engineering is a great fit within our Heat Transfer and Energy Solutions business, and we already serve many of the same customers. Our shared vision toward driving customer productivity within their industrial processes will enable us to deliver a more comprehensive portfolio for our customers to operate more efficiently and sustainably.” Bloom Engineering will join Wabtec as part of its Freight and Industrial Components Group. Wabtec acquired Bloom in the fourth quarter for $69M in cash, financed through cash on hand and a revolving credit facility. Wabtec expects Bloom to be immediately accretive to EPS excluding transaction costs, further enhanced with strong synergies to be realized over the next three years.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on WAB:
