WILMERDING, Pa., Oct. 12, 2015 (GLOBE NEWSWIRE) -- Wabtec Corporation (NYSE:WAB) has acquired the assets of Track IQ, a manufacturer of wayside sensor systems for the global rail industry, with annual sales of about $15 million.
Track IQ’s products use acoustic sensors on the tracks to monitor and measure the operating condition of bearings and wheels on freight and passenger rail vehicles. The products provide data used to improve preventive maintenance and safety performance. The company’s systems have been installed at more than 150 locations around the world.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “With its core sensor technology, Track IQ expands our capabilities into an important segment of the wayside market. We see opportunities to integrate the company’s sensors into Wabtec’s existing train control, signaling and electronics product offerings. In addition, we can leverage Track IQ’s technology and expertise as we develop enhancements and additional features for our train control products.”
Based in Australia, Track IQ has additional product support offices in the U.S. and Europe. Its customers include Class I railroads in the U.S., and other large rail networks in Europe and Australia.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.