Did GE Sell Locomotive Business?
GE (GE), an early pioneer of the locomotive industry, agreed on Monday to merge the struggling rail business with rival Wabtech (WAB) in an $11 billion deal. The transaction will raise $2.9 billion for cash-strapped GE, which has promised to sell off various businesses to pay down debt and stabilize its balance sheet.
Does GE still make locomotives?
The G.E. unit is a leading manufacturer of locomotives for freight trains, and it had sales of $4.2 billion in 2017. The combined company, Wabtec and G.E. executives said, will be stronger, have a broader mix of rail operations and become a Fortune 500 corporation.
G.E. Spins Off Railroad Business - The New York Times
GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. ... GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis.
Next Stop, Wabtec: GE Completes Spin-Off And Merger Of Its
Who bought GE locomotive business?
It was known as GE Rail and owned by General Electric until sold to Wabtec on February 25, 2019. The organization manufactures equipment for the railroad, marine, mining, drilling and energy generation industries.
GE Transportation - Wikipedia
Who bought out GE Transportation?
The combined company has a multi-year backlog of more than $23 billion. With this transaction, GE sold a portion of GE Transportation assets to Wabtec, spun off a portion of GE Transportation to GE shareholders and then GE Transportation merged with a wholly owned subsidiary of Wabtec.
Wabtec Completes Successful Merger With GE Transportation