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Establishes Fortune 500, global transportation and logistics leader with attractive growth profile from large installed base, expanded global reach, strong mix of products and services
 
WILMERDING, PA, (Feb. 25, 2019) – Wabtec Corporation (NYSE: WAB) announced today it has completed its merger with GE Transportation, a former business unit of GE (NYSE: GE). This merger establishes Wabtec as a Fortune 500, global transportation and logistics leader by combining Wabtec’s broad range of freight, transit and electronics products with GE Transportation’s best-in-class equipment, services and digital solutions in the locomotive, mining, marine, stationary power and drilling industries.  Wabtec has also been notified that it will now be included in the S&P 500 Index.
 
 
Raymond T. Betler, Wabtec’s president and CEO, said: “We are very excited to complete the merger of our two companies. This is a once-in-a-lifetime opportunity to bring together nearly four centuries of collective experience to create a technologically advanced leader with a highly complementary set of capabilities to move and improve the world. Our teams have made significant progress in integration planning, and this process has only strengthened our confidence...

WILMERDING, PA, Feb. 25, 2019 – Wabtec Corporation (NYSE: WAB) today reported results for its 2018 fourth quarter, including strong cash flow, and issued 2019 financial guidance.  The company also announced the completion of its merger with GE Transportation today, and said it has been notified that it will now be included in the S&P 500 Index.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “We are pleased that we finished the year as we expected and generated very strong cash flow from operations in the fourth quarter. The rebound in the freight cycle continued to drive revenue growth in our Freight Segment, and we saw strong sales growth in our Transit Segment. Heading into 2019, we expect to see revenue growth in both segments, as we continue to focus on driving margin expansion and cash generation.
 
“With the completion of our merger with GE Transportation, we are confident the company will drive improved growth and performance in 2019 and beyond by leveraging our more diversified business mix, global scale, and highly innovative technologies. As we integrate and capitalize on the strengths...

WILMERDING, PA, Feb. 22, 2019 – Wabtec Corporation (NYSE: WAB) said it plans to report 2018 fourth quarter results and 2019 financial guidance before the U.S. financial markets open on Monday, Feb. 25.  The company also expects to announce the closing of its merger with GE Transportation the same day.
 
Wabtec will conduct a conference call to discuss these topics with analysts and investors on Feb. 25 at 8:30 a.m.  To listen to the call via webcast, please go to www.wabtec.com and click on the “Investors” and “Webcasts” tabs of the site.  An audio replay of the call will also be available by calling 412-317-0088 (passcode: 466#).
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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.
 
 
Additional Information and Where to Find It
In connection with the...

WILMERDING, PA, Feb. 12, 2019 – Wabtec Corporation (NYSE: WAB) today announced that its chief operating officer, Stephane Rambaud-Measson, has resigned from his position and as a board member of the company to pursue other interests.  Rambaud-Measson had served as president and chief executive officer of Faiveley Transport and joined Wabtec when it acquired Faiveley in 2016.  During his years at Faiveley Transport, Rambaud-Measson had developed Faiveley Transport into a global transit technology and market leader.
 
Albert J. Neupaver, Wabtec’s executive chairman, said: “Since our acquisition of Faiveley, Stephane has played an important role in the successful integration and growth of our transit business.  We thank him for his valuable contributions to Wabtec and wish him well in his future endeavors.”
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, Wabtec 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 employs approximately 18,000 employees worldwide.

WILMERDING, PA, Feb. 4, 2019 – Wabtec Corporation (NYSE: WAB) said it expects to complete its merger with GE Transportation, a business unit of GE (NYSE: GE), on Feb. 25, subject to certain closing conditions being satisfied as of the closing date.At closing, Wabtec plans to report its 2018 fourth quarter and full year results, and to provide 2019 financial guidance for the combined company.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “We look forward to completing our merger with GE Transportation later this month.  In the meantime we continue to work hard on our integration plans and are eager to join forces.”
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, Wabtec 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 employs approximately 18,000 employees worldwide.
 
Additional Information and Where to Find It
In connection with the proposed transaction between GE and Wabtec,...

WILMERDING, Pa. and BOSTON, (Jan. 25, 2019) – Wabtec Corporation (NYSE: WAB)  and GE (NYSE: GE) announced today they have modified the terms of their merger agreement and today will publicly file S4 and S1 registration statements, respectively, with the U.S. Securities and Exchange Commission (SEC).
 
The planned merger of Wabtec and GE Transportation, a business unit of GE, is expected to close by the end of February 2019, subject to satisfaction or waiver of customary closing conditions. At closing, Wabtec plans to report its 2018 fourth quarter and full year results, and to provide 2019 financial guidance for the combined company. Together, Wabtec and GE Transportation will create a stronger, more diversified transportation and logistics company.
 
Under the terms of the modified arrangements, which have been approved by Wabtec’s Board and by the Finance and Capital Allocation Committee of the GE Board, GE will complete the spin off of a portion of GE Transportation to GE shareholders and immediately thereafter merge GE Transportation into a wholly owned subsidiary of Wabtec. Upon closing, Wabtec shareholders will own approximately 50.8% of Wabtec on a fully...


WILMERDING, Pa. and BOSTON, (Jan. 14, 2019) – Wabtec Corporation (NYSE: WAB) and General Electric Company (NYSE: GE) announced today that the U.S. Department of Justice (DOJ) has closed its review of the pending merger of Wabtec and GE Transportation, a business unit of GE.  The merger is expected to create a stronger, more diversified transportation and logistics company.
 
Raymond T. Betler, president and CEO of Wabtec, said: “The DOJ’s decision to close its review of the pending merger marks a significant milestone for our customers, employees, and shareholders.  By bringing together GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtec’s broad range of freight, transit and electronics solutions, we will have the capability and expertise to invent smarter ways to move and improve the world.”
 
The transaction, which will position Wabtec as a Fortune 500 company with operations in more than 50 countries, is expected to close by the end of the first quarter of 2019, subject to satisfaction or waiver of customary closing conditions.  Once the transaction...

Wabtec Declares Regular Quarterly Dividend
WILMERDING, PA, Jan. 11, 2019 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 12 cents per share, payable on Feb. 22, 2019 to holders of record on Feb. 8, 2019.
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  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.

WILMERDING, PA, Nov. 14, 2018 – Wabtec Corporation (NYSE: WAB) announced that at a special meeting today the company’s stockholders approved proposals in connection with its planned combination with GE Transportation.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “We’re very gratified that our stockholders expressed strong support for the proposals and, therefore, our combination with GE Transportation.  This milestone marks a critical step in the process toward merging our two companies, which we believe will accelerate innovation for our customers; generate improved earnings, margins and cash flow for our stockholders; and create long-term growth opportunities for our employees.”
 
The transaction is expected to be completed by early 2019, subject to customary closing conditions.  It is possible that the proposed combination could be completed at an earlier time if the closing conditions are satisfied sooner.
 
At today’s special meeting, more than 99 percent of the shares that were voted, or more than 85 percent of Wabtec’s total outstanding common stock entitled to vote, approved an amendment to Wabtec’s charter to increase the number of authorized shares of the company’s...

WILMERDING, PA, Oct. 30, 2018 – Wabtec Corporation (NYSE: WAB) today reported strong sales and EPS growth for the 2018 third quarter and affirmed its full-year EPS guidance. 
 
2018 Third Quarter Consolidated Results

  • Sales were $1.08 billion, 13 percent higher than the year-ago quarter.  Compared to the year-ago quarter, organic sales increased $107 million and acquisitions increased sales $32 million, while changes in foreign currency exchange rates decreased sales by $20 million.
  • Income from operations was $125 million including expenses of $11 million related to the proposed GE Transportation merger, restructuring actions and a tax law change in India.  Excluding those items, income from operations was $136 million, or 12.6 percent of sales (see reconciliation table).  SG&A expenses increased mainly due to those expenses and acquisitions. 
  • Net interest expense was $24 million, including $3.2 million related to the proposed GE Transportation merger. 
  • Income tax expense was $17 million for an effective tax rate of 16.2 percent.  The quarter included a benefit of $7 million from the reduction of the estimated transition tax charge that was initially recorded in the fourth quarter of 2017 due to the
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