Wabtec Corporation has signed a definitive agreement to acquire Fandstan Electric Group Ltd., a rail and industrial equipment manufacturer, for about $215 million. Wabtec expects the transaction to be completed in the first quarter of 2014, subject to closing conditions and competition authority clearance.
Fandstan Electric designs, manufactures and installs electrical current and data collection products for a variety of markets, including rail and tram transportation, industrial and energy. The company’s products include pantographs, third rail shoe gears, electrical contacts and brush holders and its brand names include Brecknell Willis, Stemmann Technik and Transtech. Fandstan Electric has approximately 1,000 employees and operations in the U.K., Europe, China, Australia and the U.S.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said, “Fandstan Electric will expand our high-technology content on transit vehicles and provides another entry into the infrastructure segment of the market. In addition, the company has a strong presence in growing non-rail markets and a well-established aftermarket, with an installed base in more than 100 countries around the world.”