Wabtec announced it has acquired Bloom Engineering, a leading provider of industrial heating applications. This deal enhances Wabtec’s portfolio of heat transfer and energy solutions, integrating Bloom Engineering’s advanced technologies in burners, combustion systems, and services for industrial and process heating applications.
Combining Bloom Engineering with Wabtec’s existing portfolio of products and services will accelerate global growth in this highly profitable segment and increase the value of its worldwide customer base.
Bloom Engineering’s extensive design and engineering expertise complements Wabtec’s existing capabilities. The leading metal producers have relied on Bloom to identify ways to improve efficiencies, unlock plant production capacity, and decrease CO2 and NOX emissions.
Bloom Engineering will join Wabtec as part of its Freight and Industrial Components Group. Wabtec acquired Bloom in the fourth quarter for $69 million, financed through cash on hand and a revolving credit facility. Wabtec expects Bloom to be immediately accretive to EPS, excluding transaction costs, further enhanced with strong synergies to be realized over the next three years.
KEY QUOTE:
“This is another exciting addition to Wabtec. Bloom Engineering is a great fit within our Heat Transfer and Energy Solutions business, and we already serve many of the same customers. Our shared vision toward driving customer productivity within their industrial processes will enable us to deliver a more comprehensive portfolio for our customers to operate more efficiently and sustainably.”
- Mike Fetsko, President of Wabtec’s Freight & Industrial Components Group
