Pennsylvania-based rail manufacturer Wabtec has signed a definitive agreement to acquire London-based rail and industrial equipment manufacturer Fandstan Electric Group for approximately $215m.
Through its subsidiaries, Fandstan Electric designs, manufactures and installs a range of electrical current and data collection products for a variety of markets, including rail and tram transportation, industrial and energy. The company also provides aftermarket services.
Fandstan Electric’s products include pantographs, third rail shoe gears, electrical contacts and brush holders, and its brand names include Brecknell Willis, Stemmann Technik and Transtech.
With around 1,000 employees in the UK, Europe, China, Australia and the US, the company has annual sales of about $235m.
Wabtec chairman and CEO Albert Neupaver 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."
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The transaction is expected to complete in the first quarter of this year, subject to customary closing conditions and competition authority clearance.