WILMERDING, Pa. - Wabtec Corp., a manufacturer of products for the rail and transit industries, announced Monday its acquisition of Ricon Corp., a manufacturer of wheelchair lifts and ramps for buses and other passenger transit vehicles, for $73.5 million, including debt repayment.
Ricon, headquartered in Panorama City, Calif., has annual sales of approximately $70 million.
Albert J. Neupaver, Wabtec’s president and CEO, said that Rican “complements our existing presence in the transit bus market.”
Ricon’s wheelchair lifts and ramps are engineered for transit buses, commuter railcars, school buses, and commercial and private vehicles.
Wabtec has facilities located throughout the world.