Westinghouse Air Brake Technologies, more conveniently known as Wabtec (NYSE: WAB), has added a new asset to its portfolio. The company announced it acquired Longwood Industries, a privately held maker of specialty rubber and plastic goods. The terms of the deal were not made public.
Wabtec considers its new asset to be highly complementary to one of its product lines. In the press release heralding the news, the company quoted CEO Albert Neupaver as saying that "with its diverse end markets and technical expertise, Longwood will be a strategic complement to our existing rubber products businesses, which also serve transportation and industrial markets."
According to Wabtec, Longwood currently employs around 450 people and takes in annual sales of roughly $70 million. The acquisition is expected to be accretive to Wabtec's results in the first year.
Fool contributor Eric Volkman has no position in Wabtec. The Motley Fool recommends Wabtec. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.