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Wabtec (WAB) to Acquire Nordco From Greenbriar for $400M
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Westinghouse Air Brake Technologies Corporation (WAB - Free Report) , which operates under the name of Wabtec Corporation, has entered into a definitive agreement to acquire Nordco, a North American company providing products and services for rail-related industries, from Greenbriar Equity Group LP.
The acquisition, which has already received regulatory approvals and is subject to customary closing conditions, should help Wabtec widen its installed base and facilitate domestic and international growth across Nordco’s innovative product portfolio. The deal is expected to close soon.
The acquisition deal, worth $400 million, highlights Wabtec’s efforts to expand its product portfolio. Last year, the company acquired RELCO Locomotives, an established name in the locomotive leasing, rebuilding and repairing industry. The buyout has increased Wabtec’s freight services capabilities and capacity, thus driving growth in the remanufacturing and repair business.
Westinghouse Air Brake Technologies Corporation Price
Regarding the impending purchase of Nordco, Wabtec’s president and CEO Rafael Santana stated that the acquisition is in line with the company’s growth strategy and is expected to generate more than $10 million in cost synergies for its shareholders over the next three years.
Notably, Nordco is estimated to generate sales of more than $175 million in 2021 and EBITDA of around $40 million. Post acquisition, it will be part of Wabtec’s Freight Services group. Wabtec anticipates the acquisition to be accretive to its EBITDA margin, earnings per share and cash flow in 2021 itself, after adjusting for one-time costs.
Wabtec’s Freight Services group president, Pascal Schweitzer, expects the acquisition to significantly increase its “presence in the maintenance of way segment” and strengthen “position in the growing railcar mover market”.
Shares of ArcBest, Saia and Navios Maritime have rallied more than 100%, 70% and 300% in the past six months, respectively.
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Wabtec (WAB) to Acquire Nordco From Greenbriar for $400M
Westinghouse Air Brake Technologies Corporation (WAB - Free Report) , which operates under the name of Wabtec Corporation, has entered into a definitive agreement to acquire Nordco, a North American company providing products and services for rail-related industries, from Greenbriar Equity Group LP.
The acquisition, which has already received regulatory approvals and is subject to customary closing conditions, should help Wabtec widen its installed base and facilitate domestic and international growth across Nordco’s innovative product portfolio. The deal is expected to close soon.
The acquisition deal, worth $400 million, highlights Wabtec’s efforts to expand its product portfolio. Last year, the company acquired RELCO Locomotives, an established name in the locomotive leasing, rebuilding and repairing industry. The buyout has increased Wabtec’s freight services capabilities and capacity, thus driving growth in the remanufacturing and repair business.
Westinghouse Air Brake Technologies Corporation Price
Westinghouse Air Brake Technologies Corporation price | Westinghouse Air Brake Technologies Corporation Quote
Regarding the impending purchase of Nordco, Wabtec’s president and CEO Rafael Santana stated that the acquisition is in line with the company’s growth strategy and is expected to generate more than $10 million in cost synergies for its shareholders over the next three years.
Notably, Nordco is estimated to generate sales of more than $175 million in 2021 and EBITDA of around $40 million. Post acquisition, it will be part of Wabtec’s Freight Services group. Wabtec anticipates the acquisition to be accretive to its EBITDA margin, earnings per share and cash flow in 2021 itself, after adjusting for one-time costs.
Wabtec’s Freight Services group president, Pascal Schweitzer, expects the acquisition to significantly increase its “presence in the maintenance of way segment” and strengthen “position in the growing railcar mover market”.
Zacks Rank & Key Picks
Wabtec carries a Zacks Rank #3 (Hold) currently. Some better-ranked stocks in the broader Transportation sector are ArcBest Corp. (ARCB - Free Report) , Saia, Inc. (SAIA - Free Report) and Navios Maritime Partners LP (NMM - Free Report) . While Navios Maritime sports a Zacks Rank #1 (Strong Buy), ArcBest and Saia carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of ArcBest, Saia and Navios Maritime have rallied more than 100%, 70% and 300% in the past six months, respectively.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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