WILMERDING, Pa.—Wabtec Corp. has purchased Longwood Industries Inc. to expand its presence as a rubber product maker in several sectors.
Longwood designs and manufactures a broad range of specialty rubber products for original equipment manufacturers and aftermarket applications. Its expertise extends to all facets of the consumer, industrial and transportation markets, Wabtec said. Financial details of the sale weren't disclosed.
Longwood has a work force of about 450 and operates two plants in Wytheville, Va., and facilities in Greensboro, N.C.; Brenham, Texas; Soria, Spain; and Munich, Germany. It also has a research and development center in Brenham and posts annual sales of about $70 million..
No plans are in place to close any factories or reduce employment, a Wabtec spokesman said, adding that "we buy businesses to grow them."
Greensboro-based Longwood will keep its name and become a subsidiary of Wabtec, he said.
Wabtec has expanded steadily both in the U.S. and across the world in the last 10 years, both organically and via acquisitions, with much of its focus centering on the transit rail parts business. The spokesman said the transaction expands the company's course and its rubber product capabilities, giving it new offerings for new markets.
For instance, he said, up until the acquisition of Longwood, Wilmerding-head-- quartered Wabtec has been a small play-- er in the oil and gas market in terms of rubber goods.
But Longwood changes that significantly with its numerous rubber products for the oil and gas industry and its expertise in that end of the business, he said.
"With its diverse end markets and technical expertise, Longwood will be a strategic complement to our existing rubber products' businesses, which also serve the transportation and industrial markets," according to Albert J. Neupaver, chairman and CEO of Wabtec.
He said the company will benefit from Longwood's capabilities and market position in the oil and gas sector, and Wabtec expects that the strong presence it has across the globe will expand Longwood's international sales.