The boards of General Electric (GE) and Wabtec approved the $US 11.1bn merger on May 21 last year. The merger will make Wabtec a Fortune 500 company and a major player in the railway equipment and services market with operations in more than 50 countries.
“The DOJ’s decision to close its review of the pending merger marks a significant milestone for our customers, employees, and shareholders,” says Wabtec president and CEO, Mr Raymond Betler. “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.”
Wabtec says the transaction is expected to close by the end of the first quarter of 2019, subject to satisfaction or waiver of customary closing conditions.
An analysis of the world’s largest railway equipment suppliers by IRJ in May last year found GE Transportation and Wabtec have combined annual revenue of $US 7.8bn, split equally between the two organisations, which will place them as the fifth largest supplier in the world. The merged company will move into fourth place if the Siemens-Alstom merger takes effect.
