Wabtec Corporation has acquired L & M Radiator , Inc , the leading manufacturer of heavy-duty equipment radiators and heat exchangers . L & M Radiator will join Wabtec as a part of its Components Group .
“ We are excited to welcome L & M Radiator to
Wabtec ,” said Mike Fetsko , President of Wabtec ’ s
Freight & Industrial Components business . “ This transaction will further Wabtec ’ s presence in premium heat transfer solutions and will extend and complement Wabtec ’ s mining products portfolio . In addition , L & M ’ s technology further enhances Wabtec ’ s mission to develop clean energy solutions for operations in mining .”
Through this acquisition , Wabtec will expand its installed base and recurring revenue in mining , engine cooling , and heat transfer solutions . It also will accelerate long-term profitable growth across
L & M ’ s innovative products both domestically and internationally , while driving value creation for customers and shareholders . L & M MESABI ® heavy-duty equipment radiators and heat exchangers will create a comprehensive thermal management portfolio that extends and augments
Wabtec ’ s capabilities . The range of solutions offered by L & M products will allow customers to realise efficiencies in maintenance costs , safety , and fleet availability .
“ This deal is a recognition of L & M ’ s industry success for more than 65 years and positions our worldwide operations to continue to thrive ,” said
Dan Chisholm , President of L & M Radiator , Inc . “ By joining Wabtec , we can build upon the strengths of our two companies to develop new cooling
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products for our customers while supporting consistent growth as an industry leader .”
Wabtec is acquiring L & M for $ 230 million in cash , financed through cash on hand and a revolving credit facility . Wabtec expects L & M to be immediately accretive to EPS excluding transaction costs , further enhanced with strong synergies to be realised over the next three years .
As well as being a market leader in radiator supply to diesel and diesel-electric mining trucks and other mining equipment , the Hibbing ,
Minnesota-based heat exchanger manufacturer has also proven itself instrumental to the implementation of new , green technology for the mining industry with its recent projects developing coolers for fuel cell-powered mining equipment .
L & M Radiator was called upon by Anglo
American , to develop a first-of-its-kind radiator solution for the nuGen™ zero-emission haul truck , a Komatsu 930E which was converted from diesel to run entirely on hydrogen fuel cells and battery power by First Mode for testing at the
Mogalakewna platinum mine in South Africa .
Tim Cass , L & M Radiator Applications Engineer
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for Truck and Underground : “ For this initial 930E conversion , it was necessary to take the whole engine module out and replace it with fuel cells and batteries . Space constraints were definitely a challenge for our engineers . Designing the fans and motor mounts and getting the air flow to work in that limited space took some engineering ingenuity .”
“ Another challenge was the very strict set of guidelines for limiting contamination , including materials that fuel cell manufacturers have in place ,” added Josh Mitchell , an Applications
Engineer with L & M Radiator . “ That ’ s where the
MESAEI ® All-Aluminum M-Tube came in .” L & M
Radiator engineered an All-Aluminum M-tube cooler for fuel cell cooling compatibility with the existing coolant on the 930E as brass and copper were not viable options .
According to Chris Domogalla , an L & M Design and Applications Engineer , hydrogen fuel cells operate at a lower maximum temperature than diesel engines , and they have a narrower coolant operating range . When outside of that operating range , the output of the fuel cell stack decreases .
In addition , approximately 40 % of the energy produced by hydrogen fuel cells is heat , which must be removed . This posed a unique challenge for engineers at L & M Radiator . “ The Research and
Development department at L & M Radiator has developed a cooling management system to keep the power source – whether it ’ s a battery or a hydrogen fuel cell – operating at its most ideal temperature .” www . wabteccorp . com
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