Wabtec Corporation (WAB), a leading provider of equipment, systems, and services, announced on Monday that it has successfully acquired Bloom Engineering, Inc., a specialist in industrial heating applications, for a total of $69 million in cash. The acquisition was funded using the company's existing cash reserves and a revolving credit line.
Wabtec anticipates that the purchase of Bloom will immediately enhance its earnings per share, with additional robust synergies expected to be realized in the coming three years.
This strategic acquisition will enhance Wabtec's portfolio in heat transfer and energy solutions by incorporating Bloom's expertise in burners, combustion systems, and services related to industrial and process heating applications.
Bloom Engineering will be integrated into Wabtec’s Freight and Industrial Components Group.
