General Electric confirmed it is merging its GE Transportation locomotive business with Wabtec, valuing the transaction at $11.1 billion. Wabtec makes a range of parts and control systems for trains, with the company based in Wilmerding, Pa. about 150 miles south of Erie where GE Transportation has its historic locomotive manufacturing operations. GE will retain a 50.1 percent stake in the combined entity, with the Boston-based company to receive a $2.9 billion cash payment in the deal. The combined company will have about $8 billion in annual revenue, with GE Transportation’s backlog of orders numbering 1,800 locomotives at present. GE Transportation employs about 9,000 people and Wabtec 18,000 people.
from Business https://www.ctpost.com/business/article/GE-to-combine-locomotive-division-with-supplier-12930496.php
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