Friday, June 15, 2012

Wabtec acquires Mors Smitt

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Wabtec Corporation has acquired Mors Smitt Holding, a manufacturer of electronic components for rail and industrial markets, from the investment company Eurazeo PME, for about $88 million.

Mors Smitt has annual sales of about $60 million with operations in The Netherlands, the United Kingdom, the U.S., France, China and Hong-Kong. Wabtec expects the transaction to be accretive in the first year.

"Mors Smitt provides a variety of safety-critical components and will be a strategic complement to our existing rail and industrial product lines," said Albert Neupaver, Wabtec's president and chief executive officer. "The company's global presence adds to our international footprint with established manufacturing and distribution capabilities."

With roots to 1898, Mors Smitt manufactures electronic relays, measurement devices and controls for railway rolling stock and signaling and a variety of other applications, such as power generation, petro-chemical and water treatment plants.

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