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US energy, transport and industrial component supplier ITT Inc has signed an agreement to acquire spring, buffer and coupler manufacturer Axtone for US$118m. The transaction is expected to close in Q1 2017, subject to customary conditions including regulatory approvals.
‘This agreement reflects our strategic commitment to enhancing our global leadership position in railway components’, said Luca Savi, President of ITT’s Motion Technologies business, on November 4. ‘Axtone will complement our current portfolio, expand our global railway presence and grow our position in the profitable aftermarket.’
Axtone has 660 employees and six manufacturing locations. It anticipates revenues of US$80m and adjusted EBITDA of US$14m for 2016.
This article first appeared on www.railwaygazette.com
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