Westinghouse Air Brake Technologies Corp. said Monday that it has acquired wheelchair lift and ramp manufacturer Ricon Corp. for $73.5 million.

Ricon, based in Panorama City, is a privately held manufacturer of wheelchair lifts and ramps for buses and other transit vehicles. The company had about $70 million in sales last year, according to Wilmerding, Pa.-based Wabtec.

Wabtec is primarily a railroad equipment supplier but also has a sizable business supplying components and assemblies for door operating systems on transit buses and has a market cap of about $2 billion.

“Ricon has a global reach, with sales in North America, Europe and the U.K.; and significant aftermarket growth opportunities,” said Wabtec’s Chief Executive Albert Neupaver in a statement. “In addition, we expect Ricon to continue to benefit from increasing demand for public transit around the world, strong government spending and existing regulations that require accessibility products.”