Wabtec Corporation 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 technologies in burners, combustion systems, and overall services for industrial and process heating applications.
“This is another exciting addition to Wabtec,” said Mike Fetsko, President of Wabtec’s Freight & Industrial Components Group. “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.”
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 USD 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.
Headquartered in Pittsburgh, Bloom Engineering, Inc. (bloomeng.com) is a global company with employees and offices in the United States, Germany, India and China. Since its founding in 1934 by Fred S. Bloom, the company has led the way in providing custom-engineered industrial combustion products. The company has been awarded more than 80 U.S. and foreign patents for advances in combustion and furnace technology and continues to hold innovation as a core value.
Share on:
