Ricon acquired by Wabtec

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.