WABCO Holdings Inc.
NYSE : WBC

WABCO Holdings Inc.

February 02, 2016 11:00 ET

WABCO Acquires MICO Incorporated, A Global Market Leader in Hydraulic Braking for Off-Highway Commercial Vehicles

BRUSSELS, BELGIUM--(Marketwired - Feb. 2, 2016) -

  • Expands Its Commitment to Global Off-Highway Industry; Increases Operational Footprint in North America

  • Emerges as First and Only Supplier of Complete Pneumatic and Hydraulic Brake Control Systems for Off-Highway Vehicles Worldwide

WABCO (NYSE:WBC) (www.wabco-auto.com), a leading innovator and global supplier of technologies that improve the safety and efficiency of commercial vehicles, announced today that it has acquired MICO Incorporated ("MICO"), a global market leader in hydraulic components, controls and brake systems for heavy-duty, off-highway vehicles in agriculture, construction, mining and similar industries. MICO generated revenues of approximately $52 million in 2015 and is headquartered in North Mankato, Minnesota (USA).

A long-time industry leader in pneumatic braking systems, WABCO is expanding its product offerings through the acquisition to become the first and only supplier with a portfolio of complete pneumatic and hydraulic braking and control systems for off-highway vehicles worldwide.

In addition to this unique offering, the acquisition harnesses powerful synergies between technology leaders WABCO and MICO. WABCO's strong global presence provides increased access to growth markets and customers worldwide for MICO products. In return, WABCO gains improved access to the off-highway market in North America while expanding its operational footprint in the region. Both companies will also be able to build on demonstrated world-class engineering and manufacturing capabilities.

"WABCO continues to extend its technology leadership position in the commercial vehicle industry to the off-highway market worldwide," said Jacques Esculier, WABCO Chairman and Chief Executive Officer. "The acquisition of MICO provides us with access to new growth opportunities in the off-highway industry, thereby, enabling WABCO to sustain its outperformance and drive shareholder value."

"We are excited to welcome our MICO colleagues to the WABCO family," said Nick Rens, WABCO President, Trailer Systems, Aftermarket and Off-Highway Division. "Over the past 70 years, MICO has become an industry leader in the field of hydraulic braking and control systems for the off-highway market. WABCO's and MICO's engineering capabilities, product offerings, and market presence match perfectly. We are well-positioned to deliver an unprecedented level of product choice, quality, and service to off-highway customers around the globe. Together, we are poised to take our off-highway business to the next level."

MICO maintains a total of five locations in the United States (3), Mexico (1), and the United Kingdom (1). The company has approximately 260 employees. MICO was previously privately owned and operated.

About WABCO

WABCO (NYSE:WBC) is a leading innovator and global supplier of technologies that improve the safety and efficiency of commercial vehicles. Founded nearly 150 years ago, WABCO continues to pioneer breakthrough products and systems for braking, stability, suspension, transmission automation, and aerodynamics. Today, all of the world's leading truck, bus and trailer manufacturers have WABCO technologies onboard. In addition, WABCO provides the industry with advanced fleet management solutions and aftermarket services. WABCO reported sales of $2.9 billion in 2014. The company is headquartered in Brussels, Belgium, and has 11,000 employees worldwide. For more information, visit www.wabco-auto.com.

About MICO Incorporated

Since 1946, MICO Incorporated, a WABCO company, has been on the leading edge of technological innovation in hydraulic components, controls and brake systems primarily for heavy-duty, off-road commercial and industrial applications. Today, the company is a completely integrated design, manufacturing and sales operation. Its knowledge of brake system design in conjunction with state-of-the-art machinery and manufacturing processes makes it an industry leader worldwide. For more information, visit www.mico.com.

Forward-Looking Statements

This document contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 that are based on management's good faith expectations and beliefs concerning future developments. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "strategies," "prospects," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward looking in nature and not historical facts. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the actual level of commercial vehicle production in our end markets, adverse developments in the business of our key customers, pricing changes to our supplies or products, our ability to successfully integrate any acquired businesses or our acquired businesses not performing as planned and the other risks and uncertainties described in the "Risk Factors" section and the "Information Concerning Forward Looking Statements" section of WABCO's Form 10-K, as well as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward Looking Statements" section of WABCO's Form 10-Q Quarterly Reports. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on company estimates.

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