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Wabtec Info
Wabtec to Acquire Dellner Couplers
The acquisition brings highly attractive and complementary technologies to Wabtec and positions the Company for accelerated, profitable growth, while strengthening its portfolio of mission critical passenger rail systems.

Wabtec Corporation 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.
Sweden-based Dellner Couplers brings an 84-year legacy of innovation in train connection systems, which positioned the company as an industry leader in manufacturing and servicing of couplers for the transit rail industry. It has a global installed base of approximately 100,000 couplers and 12,500 gangways. Dellner Couplers provides an extensive offering in train connection systems, with production, assembly and aftermarket services facilities in 13 countries serving over 200 customers.
Wabtec is acquiring Dellner Couplers for $960 million in cash, financed through cash on hand and short-term debt. The acquisition is anticipated to provide immediate shareholder value with an accretive growth profile, accretive Adjusted EBIT margins, accretive Adjusted EPS in the first year of ownership and accretive 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 we expect to be realized over a three-year period. Dellner Couplers is expected to generate approximately $250 million of revenue in 2025 and expected growth that will exceed the Company’s average growth over the next five years. The transaction is subject to customary closing conditions and regulatory approvals.
This strategic acquisition strengthens Wabtec's Transit product and services portfolio serving a stable and growing underlying passenger rail market that is driven by sustainable megatrends. It builds upon the Company’s leadership position in this large, expanding, and resilient addressable market. The addition of Dellner Couplers aligns with the Company's long-term vision of driving innovation, productivity, safety and reliability for passenger rail on a global scale.
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