Wabtec acquires radiator manufacturer

Wabtec Corp. has acquired L&M Radiator, a leading manufacturer of heavy-duty equipment radiators and heat exchangers.

“We are excited to welcome L&M Radiator to Wabtec,” said Mike Fetsko, president of Wabtec’s Freight & Industrial Components business. “This transaction will further Wabtec’s presence in premium heat transfer solutions and will extend and complement Wabtec’s mining products portfolio. In addition, L&M’s technology further enhances Wabtec’s mission to develop clean energy solutions for operations in mining.”

Headquartered in Hibbing, Minnesota, L&M Radiator, Inc. has employees and operations in the United States, Australia, Mexico and Chile. The company was founded in 1957 as a pioneer in the burgeoning heat transfer industry. It is active in mining, oil and gas, power generation and other heavy-duty applications.

L&M Radiator’s Cube Cooling System. Wabtec is acquiring L&M for $230 million in cash.

Wabtec said L&M MESABI heavy-duty equipment radiators and heat exchangers will create a comprehensive thermal management portfolio that extends and augments Wabtec’s capabilities. 

“This deal is a recognition of L&M’s industry success for more than 65 years and positions our worldwide operations to continue to thrive,” said Dan Chisholm, president of L&M Radiator, Inc. “By joining Wabtec, we can build upon the strengths of our two companies to develop new cooling products for our customers while supporting consistent growth as an industry leader.”

L&M Radiator will join Wabtec as a part of its Components Group. Wabtec is acquiring L&M for $230 million in cash, financed through cash on hand and a revolving credit facility. Wabtec expects L&M to be immediately accretive to EPS excluding transaction costs, further enhanced with strong synergies to be realized over the next three years.

Lafayette Bay Advisors, LLC acted as exclusive financial advisors for L&M Radiator.