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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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WILMERDING, PA, Oct. 16, 2018 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 12 cents per share, payable on Nov. 30, 2018 to holders of record on Nov. 16, 2018.
 
Wabtec also said it will report 2018 third quarter results before the U.S. financial markets open on Oct. 30, 2018.  The company will conduct a conference call to discuss those results with analysts and investors at 10 a.m. the same day.  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.

WILMERDING, PA, Oct. 12, 2018 – Wabtec Corporation (NYSE: WAB) today announced that it will hold a special meeting of stockholders on Wednesday, Nov. 14, 2018 to consider and vote on proposals to amend its charter to increase the number of authorized shares of Wabtec common stock and to approve the issuance of Wabtec common stock in connection with its proposed combination with GE Transportation. The special meeting will be held at 9 a.m. Eastern time at The Duquesne Club, 325 Sixth Avenue, Pittsburgh, PA 15222. Wabtec’s stockholders of record at the close of business on Oct. 11, 2018, will be entitled to receive notice of, and to vote at, the special meeting.
 
Additional information related to the charter amendment, the share issuance, the proposed combination and the special meeting is included in the definitive proxy statement dated, and filed with the SEC today, Oct. 12, 2018. The definitive proxy statement is first being mailed to Wabtec’s stockholders on or about Oct. 12, 2018.
 
The proposed combination with GE Transportation is expected to be completed by early 2019, subject to customary closing conditions.  It...

Reiterates Strategic and Financial Logic Underlying the GE Transportation Merger
 
WILMERDING, PA, Sept. 17, 2018 – Wabtec Corporation (NYSE: WAB) today filed an amended preliminary proxy statement with the SEC relating to its proposed combination with GE Transportation. Wabtec and GE Transportation are progressing the proposed transaction toward an anticipated closing by the first quarter of 2019. 
 
Albert J. Neupaver, Wabtec’s executive chairman, said: “Today’s proxy filing reiterates and reinforces the strategic and financial logic of our planned combination with GE Transportation, to form a diversified, global leader for rail equipment, services and software.  We are even more confident than when we announced the transaction in May that this combination will serve the best long-term interests of our shareholders.”
 
As outlined in May, the strategic and financial rationale for the GE Transportation transaction remains compelling and unchanged. After the Merger:
 

  • Wabtec shareholders will have ownership in a combined company with a highly attractive growth profile based on an improved business mix, expanded global reach and faster innovation
  • Wabtec expects to have approximately $8 billion in revenues, a
  • ...

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