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Wabtec CORPORATION News Release WABTEC TO ACQUIRE NORDCO Strategic Combination to Drive Shareholder Value by Accelerating Global Growth in Rail Maintenance of Way PITTSBURGH , March 23 , 2021 - Wabtec Corporation ( NYSE : WAB ) announced today it has signed a definitive agreement to acquire Nordco , a leading North American supplier of new , rebuilt and used maintenance of way equipment with a broad product and service portfolio including mobile railcar movers and ultrasonic rail flaw detection technologies , from Greenbriar Equity Group LP . Through the acquisition , Wabtec will expand its installed base and accelerate growth across Nordco's innovative product portfolio both domestically and internationally , while driving increased value creation for customers and shareholders . The acquisition has received necessary regulatory approvals and is subject to customary closing conditions . " Nordco is a strategic addition to the Wabtec portfolio with an attractive pipeline of vertical solutions and strong aftermarket demand that will only be strengthened by our vast global footprint , " said Rafael Santana , Wabtec President and CEO . " This acquisition aligns with our growth strategy , is supported by a strong recurring revenue model , technology that complements our business , and is projected to deliver over $ 10 million in cost synergies for our shareholders over the next three years . " In recent years , Greenbriar partnered with Nordco to invest in innovation , new product development and customer relationships , helping create a leader in rail maintenance of way equipment , products and services . Nordco is expected to have full year 2021 sales of more than $ 175 million and EBITDA of about $ 40 million and will join Wabtec as part of its Freight Services group . Wabtec is acquiring Nordco for $ 400 million in cash , financed through cash on hand and a revolving credit facility . Wabtec expects Nordco to be immediately accretive to EBITDA margin , EPS and cash flow in 2021 after adjusting for one - time costs . The Nordco family of companies provides an extensive selection of products and services that enable rail - related industries to build , improve , maintain and inspect their track infrastructure and reposition rolling stock . Nordco's equipment and services support the North American Class I railroads , short - line and transit authorities , equipment leasing companies and leading industrial customers . Pascal Schweitzer , President of Wabtec's Freight Services group , said : " We are excited to welcome Nordco to Wabtec in an acquisition that accelerates our long - term profitable growth strategy . This deal will significantly increase our presence in the maintenance of way segment and give us a strong position in the growing railcar mover market . Our combination provides an attractive offer for customers and opens further opportunities for international expansion . " Baird served as financial advisor to Nordco . Jones Day provided legal services to Wabtec and Hughes Hubbard & Reed LLP provided legal services to Nordco . For more information on the acquisition , please visit www.WabtecCorp.com and click on the " Investor Relations " section .