(RTTNews) - Wabtec Corp. (WAB), a provider of equipment, systems, and other services, announced on Monday that it has acquired Bloom Engineering, Inc., a provider of industrial heating applications, for $69 million in cash. The deal was financed through cash on hand and a revolving credit facility.
Wabtec expects Bloom to be immediately accretive to its income per share, with further strong synergies to be realized over the next three years.
The acquisition will boost Wabtec's portfolio of heat transfer and energy solutions, by integrating Bloom's technologies in burners, combustion systems, and overall services for industrial and process heating applications.
Bloom will join Wabtec as part of its Freight and Industrial Components Group.
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