Freight and rail operations leader Wabtec Corporation acquired Bloom Engineering, the companies announced Monday.
Wabtec, a leader in the decarbonization of freight rail, said it would be incorporating Bloom’s industrial heating technology in burners, combustion systems and industrial and process heating applications, into it existing portfolio to expand it products and services.
“This is another exciting addition to Wabtec,” Mike Fetsko, Wabtec’s freight and industrial components group president. “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.”
Officials said Bloom’s extensive design and engineering expertise will be a complement to Wabtec’s capabilities, and will add to the company’s market sector. Bloom already provides leading metal producers with ways to improve efficiencies, unlock production capacity and decrease CO2 and NOx emissions.
Bloom will join Wabtec as part of its Freight and Industrial Components Group. The company was purchased for $69 million in cash, which Wabtec financed through cash on hand and revolving credit.
Headquartered in Pittsburgh, Wabtec has been a leader in the rail industry for more than 150 years, and employs more than 27,000 employees in over 50 countries around the world. Bloom Engineering, also headquartered in Pittsburgh, is a global company with employees and offices in the United States, Germany, India and China. Founded in 1934, the company has more than 80 U.S. and foreign patents for advances in combustion and furnace technology.