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Wabtec purchases Schaefer Equipment for $36 million

Wabtec Corp. will need to add a few pages to its freight-car product brochures. Today, the company announced it acquired forged brake rigging component supplier Schaefer Equipment Inc. for $36 million in cash.

Founded in 1914, Schaefer Equipment manufactures various forged components for body- and truck-mounted braking systems. The company, which generates annual sales of about $30 million, now will operate as a business unit within Wabtec's Freight Group.

“Schaefer Equipment broadens our line of engineered brake components and supports our strategy to provide customers with a complete line of braking solutions,” said Wabtec President and Chief Executive Officer Albert Neupaver in a prepared statement.

Wabtec supplies various components for locomotives, freight cars and transit vehicles; builds switchers and commuter locomotives; and provides aftermarket services, including locomotive and freight-car maintenance.

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More News from 10/9/2006