Wabtec Corporation has announced a definitive agreement to acquire Dellner Couplers, a global specialist in safety-critical train connection systems and services for passenger rail rolling stock. The acquisition is expected to enhance Wabtec’s portfolio of passenger rail systems, offering complementary technologies and positioning the company for further growth.
“Dellner Couplers provides significant synergies by complementing our core Transit systems portfolio, servicing a joint customer base, and leveraging our strong service capabilities,” said Rafael Santana, President and CEO of Wabtec. “This acquisition aligns very well with our stated growth strategies to accelerate the innovation of scalable technologies, expand high-margin recurring revenues, and drive improved operational performance.”
Sweden-based Dellner Couplers has an 84-year history of innovation in train connection systems, establishing itself as a key player in the transit rail industry. The company has a global installed base of approximately 100,000 couplers and 12,500 gangways. It operates across 13 countries, providing production, assembly, and aftermarket services to over 200 customers.
“This acquisition will significantly enhance the capabilities of our Transit business, allowing us to provide an attractive offering for customers and opening further opportunities for expansion,” said Pascal Schweitzer, President of Wabtec Transit. “The strength of Dellner Couplers’ portfolio of products and services, along with the management team’s track record of delivering industry-leading financial results, will accelerate our long-term profitable growth strategy.”
Wabtec will acquire Dellner Couplers for USD 960 million in cash, financing the deal through cash on hand and short-term debt. The acquisition is expected to deliver immediate shareholder value, with a positive impact on earnings per share (EPS) from the first year and an improved return on invested capital (ROIC) over time. The purchase price reflects an estimated multiple of 12.5 times projected 2025 EBITDA, adjusted for transaction costs and anticipated cost synergies of USD 22 million over three years. Dellner Couplers is forecast to generate approximately USD 50 million in revenue in 2025, with growth expected to outpace Wabtec’s average rate over the next five years.
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