Monday morning, February 25th, Wabtec announcing the company has completed its merger with GE transportation; saying in a press release, “This merger establishes Wabtec as a Fortune 500, global transportation and logistics leader by combining Wabtec’s broad range of freight, transit and electronics products with GE Transportation’s best-in-class equipment, services and digital solutions in the locomotive, mining, marine, stationary power, and drilling industries.”
Wabtec President and CEO, Raymond T. Betler saying, “We are very excited to complete the merger of our two companies.” Also adding, ” 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 are expected to earn revenues of more than $8 billion in 2019.
The press release also including the strategic combination of complementary portfolios expected to be…
– Create a leading equipment, aftermarket services and digital solutions provider across the transportation sector
– Improve utilization and accelerate path to automation
– Deliver improved customer outcomes through expanded monitoring and services
– Drive increased value for shareholders
U.E. 506 and U.E. Local 618 also releasing a statement saying despite efforts made, Wabtec\GE refuse to respond to a proposal made.