Wabtec Acquires Swiger Coil Systems
WILMERDING, PA, Nov. 5, 2010 – Wabtec Corporation (NYSE: WAB) has acquired substantially all of the assets of Swiger Coil Systems, a leading manufacturer of traction motors and electric coils for rail and power generation markets. The company is based in Cleveland, Ohio, and has annual sales of about $35 million. Wabtec expects the transaction to be accretive in the first year.
Founded in 1975, Swiger Coil manufactures and services traction motors, and electric coils used in generators and alternators, mainly for passenger transit cars and locomotives. The company serves the original equipment market and the aftermarket, both in the U.S. and internationally.
“Swiger Coil expands our product line in the transit market, with components primarily related to vehicle propulsion,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “In addition, with a majority of its sales in the aftermarket, the company will be a good strategic fit with our existing network of service centers.”
“I am delighted that Swiger is able to become part of Wabtec,” said Robert Lee, Swiger’s president and chief executive officer. “The strategic combination of Swiger with Wabtec builds an exciting combination in our electric motor markets. Because we can now team up with complementary Wabtec businesses, our customers, as well as Wabtec’s, will benefit from broader product and service offerings. In addition, the Wabtec platform will enable Swiger to continue to grow at our Cleveland, Ohio location, and our employees will benefit from being part of a larger, more diversified company that provides them with career growth opportunities.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.