Wabtec Corp., a rail manufacturer based in Wilmerding, said it has a deal to acquire a U.K.-based rail and industrial equipment manufacturer.
The purchase of Fandstan Electric Group will cost about $215 million in cash, according to the deal announced this morning.
Based in London, Fandstan has annual sales of about $235 million, according to the announcement. The deal is expected to close in the first quarter.
Fandstan Electric, which its website says was formed in 1979, has operations in the U.K., Europe, China, Australia and the U.S. It employs about 1,000.
“Fandstan Electric will expand our high-technology content on transit vehicles and provides another entry into the infrastructure segment of the market,” said Albert J. Neupaver, Wabtec’s chairman and CEO, in a prepared statement. In addition, he said, the company works in non-rail markets.