Westinghouse Air Brake Technologies Corporation WAB (Wabtec) has acquired L&M Radiator Inc, a heavy-duty equipment radiators and heat exchangers manufacturer.
The transaction is valued at $230 million in cash, financed through cash on hand and a revolving credit facility.
The acquisition will help Wabtec expand its installed base and recurring revenue in mining, engine cooling, and heat transfer solutions.
The range of solutions offered by L&M products will allow customers to realize efficiencies in maintenance costs, safety, and fleet availability.
L&M Radiator will join Wabtec as a part of its Components Group.
Wabtec expects L&M to be immediately accretive to EPS, excluding transaction costs.
The company held $417 million in cash and equivalents as of March 31, 2023.
Price Action: WAB shares closed higher by 0.57% at $102.24 on Thursday.
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