Wabtec Acquires Heavy-Duty Radiator Maker L&M Radiator For $230M Cash - Westinghouse Air Brake (NYSE:WAB)

Westinghouse Air Brake Technologies Corporation (NYSE: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.

WABWestinghouse Air Brake Technologies Corp

$263.90-%

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