Wabtec has completed its $11bn merger deal with GE Transportation to become a major player in rail equipment, transportation and associated services.
The merger combines Wabtec’s freight, locomotive, transit vehicle manufacturing and electronics products portfolio with GE Transportation’s solutions for various industry verticals.
Wabtec president and CEO Raymond T Betler said: “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.”
In May last year, both companies entered into a merger agreement to combine their businesses.
Wabtec shareholders own around 50.8% of the combined firm, while GE shareholders hold 24.3% on a fully diluted basis. GE owns the remaining 24.9% economic interest in the merged Wabtec company.
GE also received around $2.9bn in cash at closing.
The combined firm is expected to generate revenues of more than $8bn this year as one of the leading equipment, aftermarket services and digital solutions providers in the transportation sector.
Additionally, the Wabtec-GE Transportation merger will help to accelerate the delivery of automation solutions to the rail industry by combining the expertise of the two companies. The combined company will also have a stronger skilled technician workforce and expanded number of repair facilities.