Management

Ricon acquired by Wabtec

Posted on July 1, 2007

WILMERDING, Pa. — Wabtec Corp. has acquired Ricon Corp. for $73.5 million in cash, including debt repayment.

Panorama City, Calif.-based Ricon, which supplies wheelchair lifts and ramps for school buses and other passenger transit vehicles, has annual sales of about $70 million in North America, Europe and the U.K.

Wabtec's subsidiaries manufacture a range of products for the rail and transit industries.

Albert Neupaver, Wabtec's president and CEO, said that Ricon complements Wabtec's existing presence in the transit bus market, where its Vapor Bus division provides components and assemblies for door operating systems.

"Ricon's world-class products are a strong strategic fit for Wabtec," Neupaver said. "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."

Ricon, which was founded in 1969, was previously owned by a private equity firm.

Comments ( 0 )
More Stories
Auto Safety House, the Thomas Built Buses dealer for Arizona, will operate as a brand of W.W. Williams. Seen here is a W.W. Williams service center.
News

W.W. Williams Acquires Auto Safety House

Auto Safety House, the Thomas Built Buses dealership for Arizona, will operate as a brand under the ownership of W.W. Williams, a provider of repair services and products.

News

Mother Gets Probation for Assaulting School Bus Driver

Kiesha Shannon of Ohio pleads guilty to attacking her daughter’s bus driver and is sentenced to three years of probation. The judge says he had limited sentencing options, which is why he didn’t give her jail time.

Be the First to Know

Get the latest news and most popular articles from SBF delivered straight to your inbox. Stay on top of the school bus industry and don't miss a thing!