Bloom Engineering
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Wabtec Acquires Bloom Engineering to Strengthen its Heat Transfer and Energy Solution Portfolio
Wabtec Corporation (NYSE: WAB) announced it has acquired Bloom Engineering, Inc., a leading provider in industrial heating applications. This acquisition strengthens Wabtec’s portfolio of heat transfer and energy solutions, integrating Bloom Engineering’s advanced technologies in burners, combustion systems, and overall services for industrial and process heating applications. The combination of Bloom Engineering with Wabtec’s existing portfolio of products and services will accelerate global growth in this highly profitable segment, while providing increased value to its worldwide customer base.
Bloom Engineering’s extensive design and engineering expertise complements Wabtec’s existing capabilities. The world’s leading metal producers have relied on Bloom to identify ways to improve efficiencies, unlock production capacity in their plants, 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 in cash, 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.