Friday, technology-based products and service provider, Westinghouse Air Brake Technologies Corp. (WAB), said it acquired Unifin International from Koch Chemical Technology Group LLC, a subsidiary of Wichita, Kansas- based Koch Industries, Inc. for US$ 93 million.
The Wilmerding, Pennsylvania based company, which is doing business as Wabtec Corp., said it expects the deal to add to its earnings in the first year.
Wabtec indicated that the addition of Unifin would further diversify Wabtec's business model into an adjacent market where it has a presence. Further, the combination would also strengthen its worldwide position in the industrial cooling systems market offering long-term stability and growth potential.
Albert Neupaver, president and chief executive officer Wabtec said, "Unifin is a strategic complement to our Young Touchstone business unit, which is already well established in the industrial cooling systems market."
Ontario, Canada-based Unifin, a manufacturer of cooling systems and related equipment for the power generation and transmission industry, has annual sales of about $45 million, and has about 100 employees at three facilities, two in the U.S. and one in Canada. Its clientele include utilities and original equipment manufacturers of power generation and distribution equipment, primarily in North America.
Announcing its third quarter results on July 24, Wabtec reported a decrease in second-quarter net income, reflecting a fall in net sales, and lowered its outlook for the full year 2009. For the full year, the company now expects earnings in the range of US$ 2.35 - US$ 2.55 per share, compared to earlier issued forecast of US$ 2.45-US$ 2.75 per share, while revenues are now expected to be about 10% lower than in 2008.
WAB is currently trading at $36.45, down $0.12 or 0.33% on the NYSE.
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