Vestar Capital Partners Acquires SAB WABCO From Cardo AB; Represents Vestar's second management buyout transaction in Europe this summer.Business Editors PARIS--(BUSINESS WIRE)--July 25, 2002 Vestar Capital Partners announced today that it has entered into a definitive agreement to acquire SAB WABCO WABCO Westinghouse Air Brake Company , a EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 300 million revenue global producer of brake systems for rail vehicles Rail vehicles are vehicles capable of rolling on rail tracks. This includes:
listed company n → société cotée en Bourse listed company list n → based in Sweden. The acquisition, valued at approximately EUR 230 million, is expected to close in September, subject to receipt of regulatory approvals and other customary conditions. SAB WABCO is a leading manufacturer of brake systems and related products primarily serving the European passenger transit and rail markets. The Company also provides after market repair and maintenance services to rail operators. The Company operates out of fifteen locations worldwide with six primary production facilities located in Amiens, France; Piossasco, Italy; Remscheid and Oberhausen, Germany; Bromborough, UK and Landskrona, Sweden. It also produces in Brazil, South Korea and India to serve the fast growing Asia/Pacific, Indian and South American markets. The Company is an important supplier to the leading global rail car builders and provides brake systems and related products on such major rail platforms as the TGV TGV: see railroad. in France, Pendolino in Italy, and Talent in Germany. SAB WABCO is headquartered in Malmo, Sweden and employs approximately 2000 people worldwide. "This is a strategically positioned, solid company with some very favourable industry fundamentals", commented Robert Rosner Robert Rosner is an astrophysicist and since 2005 is the director at Argonne National Laboratory.[1] Prior to his appointment as director, his research was focused primarily on astrophysical fluid dynamics and plasma physics problems. , President of Vestar Capital Partners Europe, based in Paris. "We look forward to our new association with SAB WABCO in partnership with Ingar Jensen and his management team." SAB WABCO President Ingar Jensen added, "Our senior management team and Vestar share the same vision -- aggressively pursuing strategic growth initiatives alongside our major customers, both car builders and operators. We are entering a very exciting growth phase in the rail industry, and with our new partners at Vestar, will have the capital backing and support to continue to strengthen our leadership position." The acquisition of SAB WABCO marks the second acquisition in Europe this summer for Vestar Capital Partners. In June, Vestar agreed to acquire Zanussi Metallurgica from Electrolux Group. Zanussi Metallurgica is a EUR 140 million revenue producer of cast iron and aluminium components and enamelled copper wire used in the household appliance and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר . The Company is based in Maniago, Italy and has 650 employees. The acquisition is expected to close in early August. Mr Rosner noted that both the SAB WABCO and Zanussi Metallurgica acquisitions are consistent with Vestar's targeted investment strategy in Europe, namely "solid long standing companies with leading market positions, run by experienced management teams who have the passion to be both owners and operators of their businesses." About Vestar Capital Partners Vestar Capital Partners is a leading private equity investment firm specializing in management buyouts, recapitalizations and growth capital investments. Founded in 1988, Vestar has completed over 40 acquisitions with a total valuation of approximately $12 billion. These companies have varied in size and geography and span a broad range of industries. The firm has offices in Europe, in Paris and Milan, and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Denver. Vestar manages approximately $4 billion of capital, and is currently investing Vestar Capital Partners IV, L.P. a $2.5 billion private equity fund. Additional information on Vestar is available at www.vestarcapital.com. All amounts quoted pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the transaction are denominated in Euros. |
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