Wabtec Expands Strength in the Energy Market through Bloom Acquisition

Wabtec has taken a significant step towards expanding its portfolio in the field of heat transfer and energy solutions with the acquisition of Bloom Engineering. The integration of Bloom's advanced technologies in burners, combustion systems, and services for industrial heating processes promises to accelerate global growth in this profitable segment and provide additional value to customers worldwide. Mike Fetsko, President of the Freight & Industrial Components Group at Wabtec, expressed his satisfaction with the addition: "Bloom Engineering is an excellent fit for our business. We already serve many of the same customers, and our shared vision of increased productivity in our customers' industrial processes will enable us to deliver an even more comprehensive range of solutions." The acquisition was completed in the fourth quarter for $69 million in cash, financed through existing liquid assets and a revolving credit facility. The integration of Bloom Engineering is expected to have an immediate positive impact on earnings per share, aside from transaction costs. Additionally, significant synergies are expected over the next three years to further enhance this effect.