Wabtec Corp. announced it has completed its merger with GE Transportation, a former business unit of GE.
The merger combines Wabtec’s range of freight, transit and electronics products with GE Transportation’s 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. Through its subsidiaries, the company manufactures a broad range of products for end markets such as locomotives, freight cars, passenger transit vehicles and power generation equipment, for both original equipment and aftermarket applications. Wabtec also builds new locomotives up to 5400 HP, and provides aftermarket maintenance and services for locomotives and passenger transit vehicles.
“We are very excited to complete the merger of our two companies,” said Raymond T. Betler, Wabtec’s president and CEO. “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 in the value creation potential of the combination. Today, we are a stronger, more diversified company ready to better serve customers across the globe and capitalize on new growth opportunities at an attractive point in the cycle.”
The combined company is expected to have revenues of more than US$8 billion in 2019. Wabtec said it has an installed base of more than 23 000 locomotives globally.
“Our shared focus on innovation, collaboration and continuous improvement will enable us to unlock new value for our shareholders, customers, employees and the industry,” said Rafael Santana, who served as president and CEO of GE Transportation and is now president and CEO of Wabtec’s Freight segment. “Together we are well positioned to take advantage of the opportunities created by industry trends toward efficiency and improved performance and, with the merger complete, we are focused on leveraging our complementary portfolios to spur growth.”