Roundup: Wabtec to acquire U.K.-based manufacturer for $215M; MSA 4Q profit rose 30% on higher sales; more
Wabtec to acquire U.K.-based manufacturer for $215M
Wabtec Corp. agreed to acquire Fandstan Electric Group Ltd., a rail and industrial equipment manufacturer based in London, for about $215 million in cash. Fandstan has annual sales of about $235 million. Wabtec, based in Wilmerding, expects the transaction to be completed by March 31. The company plans to issue fourth quarter 2013 results on Feb. 19, and a 2014 forecast that will include Fandstan. Fandstan Electric makes electrical and data collection products for rail and tram transportation, industrial and energy markets. It has about 1,000 employees and operations in the United Kingdom, Europe, China, Australia, and the United States. “Fandstan Electric will expand our high-technology content on transit vehicles and provides another entry into the infrastructure segment of the market,” said Wabtec CEO Albert J. Neupaver.
MSA 4Q profit rose 30% on higher sales
Mine Safety Appliances Co. said on Wednesday that profit rose 30 percent in the final three months of 2013 as sales increased. The Cranberry-based safety equipment maker said fourth-quarter net income was $25.4 million, or 67 cents a share. Revenue rose to $291.4 million from $282.3 million in the same period of 2012. The company's stock price rose to $51.63 as the market opened, up from $49.25 at Tuesday's close. “Consistent growth in our five core product groups, combined with a strong fourth-quarter performance in emerging markets, certainly provides momentum as we start 2014,” said CEO William M. Lambert.
Lexus tops 2014 dependability list
Lexus, Mercedes-Benz and Cadillac had the vehicles with the fewest reported problems, according to J.D. Power and Associates' annual survey of vehicle dependability. Lexus had just 68 problems per 100 vehicles, the only brand with fewer than 100 problems. Owners of three-year-old vehicles are reporting more problems than they did a year ago — an average of 133 problems per 100 vehicles, up from 126 a year ago. It's the first time since 1998 that the average number of problems per vehicle has increased. J.D. Power, a California-based ratings and consulting company, said engine issues accounted for most of the increase in problems reported by the original owners of cars and trucks from the 2011 model year. David Sargent, J.D. Power's vice president of global automotive, said the company recorded an increase in complaints about engine hesitation, rough transmission shifts and lack of power.
Rice Energy to buy new pipeline system
Rice Energy Inc. announced on Wednesday that it will buy a new pipeline system in eastern Washington and Greene counties. A subsidiary of the Cecil drilling company is paying $110 million in cash for the M3 Appalachia Gathering LLC network. The assets include 28 miles of pipe from 6 to 16 inches wide that gathers gas from the wells, and permits and rights of way to build an 18-mile track of 30-inch pipe to connect the local system to the interstate system, it said. Rice, which recently went public, expects to have a total capacity of more than 1 billion cubic feet of natural gas per day.
— Staff and wire reports
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Starkey: Pederson had to go at Pitt
- Pederson’s 2nd tenure as the athletic director at Pitt comes to abrupt end
- Chryst returns home, named football coach at Wisconsin
- Demolition project at Oliver’s Pourhouse in Greensburg moves forward
- Steelers, young and old, thirst for opportunity to reach the postseason
- Philly DA says no affidavits claimed by AG Kane in bribery case existed
- Steelers notebook: Brown leads WRs in Pro Bowl voting, Bell 2nd at RB
- Many Pitt fans endorse move to oust Pederson as athletic director
- QB Smith is chief concern for Steelers’ defense
- Home of LeNature’s exec up for sale
- Penguins continue to thrive, despite spate of ailments