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Mon May 21, 2018, 11:22 AM

GE to Merge Rail Division With Wabtec in $11 Billion Deal

Hat tip, Trainorders: Eastern Railroad Discussion > GE Transportation Division to Merge with Wabtec

BUSINESS

GE to Merge Rail Division With Wabtec in $11 Billion Deal

Deal is the first major portfolio move in new GE CEO John Flannery’s attempt to revamp the struggling conglomerate

By Thomas Gryta

https://twitter.com/tgryta
Thomas.Gryta@wsj.com

Updated May 21, 2018 8:36 a.m. ET

General Electric Co. agreed to merge its railroad business with Wabtec Corp. in a deal valued at about $11 billion, letting GE raise some cash to fund its turnaround and shed one of its oldest operations.

The transaction is the first major portfolio move in new GE Chief Executive John Flannery’s attempt to revamp the struggling conglomerate. Wabtec, formerly known as Westinghouse Air Brake Technologies Corp., makes equipment for transit systems and freight railroads and has a market value of about $9 billion, based on Friday’s...

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