Wabtec Corporation has completed the previously announced acquisition of Fandstan Electric Group Ltd., a rail and industrial equipment manufacturer, for about $220 million. Based in London, England, Fandstan Electric has annual sales of
about $245 million.
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 highly engineered 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 about 1,000 employees and operations in the U.K., Europe, China, Australia, and the U.S.
Raymond T. Betler, Wabtec's president and chief executive officer, said: "Fandstan Electric fits all of our strategic growth initiatives: global and market expansion, aftermarket expansion, and new products and technologies. We're pleased to add the company to our portfolio and eager to begin working with its management team to continue to grow and improve the business."
