WILMERDING, Pa. (AP) -- Railroad equipment supplier Wabtec Corp. said Monday it signed an agreement to buy Italian rail braking equipment manufacturer Poli SpA for 53 million euros ($82.6 million) in cash.
Wabtec said it expects the deal to close in the third quarter, pending customary closing conditions. The company predicts the acquisition will boost earnings within a year.
Poli, which has made various brake components for passenger and freight trains since 1952, has annual sales of about 30 million euros ($46.7 million). Wabtec had 2007 sales of about $1.36 billion.