UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 11, 2007
WESTINGHOUSE AIR BRAKE
TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 1-13782 | 25-1615902 | |
| (Commission File Number) | (IRS Employer Identification No.) |
| 1001 Airbrake Avenue Wilmerding, Pennsylvania |
15148 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(412) 825-1000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01. | Entry Into a Material Definitive Agreement. |
On June 11, 2007, Westinghouse Air Brake Technologies Corporation (the “Company”) announced that it acquired Ricon Corporation, a leading manufacturer of wheelchair lifts and ramps for buses and other passenger transit vehicles, for cash of $73.5 million, including debt repayment. The press release announcing the transaction is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
The following exhibit is filed with this report on Form 8-K:
| Exhibit No. | Description | |
| 99.1 | Press release dated June 11, 2007. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | ||
| By: |
/s/ ALVARO GARCIA-TUNON | |
| Alvaro Garcia-Tunon | ||
| Chief Financial Officer | ||
Date: June 14, 2007
EXHIBIT INDEX
| Number | Description |
Method of Filing | ||
| 99.1 | Press release dated June 11, 2007. | Filed herewith. |
Exhibit 99.1
|
|
News Release |
Wabtec Acquires Ricon, A Leading Manufacturer Of Wheelchair Lifts And Ramps For Buses
WILMERDING, PA, June 11, 2007 – Wabtec Corporation (NYSE: WAB) today said it has acquired Ricon Corporation, a leading manufacturer of wheelchair lifts and ramps for buses and other passenger transit vehicles, for cash of $73.5 million including debt repayment. Based in Panorama City, Calif., Ricon has annual sales of about $70 million. Wabtec expects the transaction to be accretive in the first year.
“Ricon’s world-class products are a strong strategic fit for Wabtec,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “The company complements our existing presence in the transit bus market, where our Vapor Bus division is the leading provider of components and assemblies for door operating systems. Ricon has a global reach, with sales in North America, Europe and the UK; and significant aftermarket growth opportunities. In addition, we expect Ricon to continue to benefit from increasing demand for public transit around the world, strong government spending and existing regulations that require accessibility products.”
Founded in 1969, Ricon was owned by a private equity firm. The company’s primary products are electro-mechanical wheelchair lifts and ramps, and anti-graffiti windows. The lifts and ramps are engineered for transit buses, commuter railcars, school buses, and commercial and private vehicles. Ricon is the leading North American provider in those markets.
Government regulations play an important role in the market for accessibility products. In the U.S., the Americans with Disabilities Act was passed in 1990 and required all new buses and certain rail transit vehicles to be wheelchair accessible. Similar regulations have been enacted in Europe and the UK in recent years.
Wabtec Corporation is a global provider of value-added, technology-based products and services for the rail and transit industry. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
