Friday, October 02, 2009

Wabtec buys Unifin International for $93 million

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Wabtec Corp. announced Friday that has further diversified by acquiring Uifin International from Koch Chemical Technology Group LLC for $93 million. Unifin has annual sales of about $45 million from the manufacture of cooling systems and related equipment for the power generation and transmission industry.

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"Unifin is a strategic complement to our Young Touchstone business unit, which is already well established in the industrial cooling systems market," said Albert J. Neupaver, Wabtec's president and chief executive officer. "The combination of our existing products and technology with Unifin's product line and aftermarket presence strengthens our worldwide position in the industrial cooling systems market, which we believe offers long-term stability and growth potential. In addition, this acquisition further diversifies Wabtec's business model into an adjacent market where we have proven technology and experience. We plan to continue to explore other niche opportunities worldwide to expand our cooling systems business."

Unifin has about 100 employees at three facilities, two in the U.S. and one in Canada, where it designs and manufactures a variety of cooling systems and related components, including oil coolers and pumps.