Wabtec Corporation has announced a definitive agreement to acquire Dellner Couplers, a global leader in highly engineered, safety-critical train connection systems and services for passenger rail rolling stock. This acquisition strengthens Wabtec’s portfolio of mission-critical passenger rail systems, bringing complementary technologies that position the company for accelerated, profitable growth.
The acquisition is expected to create significant synergies by complementing Wabtec’s core transit systems portfolio, servicing a shared customer base, and leveraging the company’s strong service capabilities. “Dellner Couplers provides significant synergies by complementing our core Transit systems portfolio, servicing a joint customer base, and leveraging our strong service capabilities,” said Rafael Santana, President and CEO of Wabtec. “This acquisition aligns very well with our stated growth strategies to accelerate the innovation of scalable technologies, expand high-margin recurring revenues, and drive improved operational performance.”
Sweden-based Dellner Couplers has an 84-year legacy of innovation in train connection systems, positioning the company as an industry leader in the manufacturing and servicing of couplers for the transit rail industry. With a global installed base of approximately 100,000 couplers and 12,500 gangways, the company operates production, assembly, and aftermarket service facilities in 13 countries, serving over 200 customers worldwide.
Wabtec’s Transit business is expected to benefit significantly from the acquisition, broadening its offerings and unlocking new expansion opportunities. “This acquisition will significantly enhance the capabilities of our Transit business, allowing us to provide an attractive offering for customers and opening further opportunities for expansion,” said Pascal Schweitzer, President of Wabtec Transit. “The strength of Dellner Couplers’ portfolio of products and services, along with the management team’s track record of delivering industry-leading financial results, will accelerate our long-term profitable growth strategy.”
Wabtec will acquire Dellner Couplers for $960 million in cash, financed through cash on hand and short-term debt. The acquisition is expected to be immediately accretive to shareholder value, delivering growth in Adjusted EBIT margins, Adjusted EPS in the first year of ownership, and return on invested capital (ROIC) over time. The purchase price reflects an estimated multiple of 12.5x projected 2025 EBITDA, adjusted for transaction costs and projected run-rate cost synergies of $22 million, which are expected to be realised over three years. Dellner Couplers is projected to generate approximately $250 million in revenue in 2025, with expected growth exceeding Wabtec’s average growth rate over the next five years.
The transaction remains subject to customary closing conditions and regulatory approvals.
This strategic acquisition reinforces Wabtec’s leadership in the expanding passenger rail market, which is supported by sustainable industry megatrends. It builds upon the company’s existing strengths in a resilient and growing sector while aligning with its long-term vision of driving innovation, productivity, safety, and reliability in global passenger rail operations.
For more information visit www.wabteccorp.com
