Wabtec Announces Stockholder Approvals Linked to Planned Combination with GE Transportation
Wabtec Corporation reports that at a special meeting today stockholders approved proposals tied to its planned combination with GE Transportation.
Wabtec President and CEO Raymond T. Betler said, “We’re very gratified that our stockholders expressed strong support for the proposals and, therefore, our combination with GE Transportation. This milestone marks a critical step in the process toward merging our two companies, which we believe will accelerate innovation for our customers; generate improved earnings, margins and cash flow for our stockholders; and create long-term growth opportunities for our employees.”
The transaction is expected to be completed by early 2019, subject to meeting all closing conditions. Company officials continue to say that the two companies may come together before then, if the closing conditions are satisfied sooner.
According to a news release from Wabtec, more than 99 percent of the shares that were voted, or more than 85 percent of the company's total outstanding common stock entitled to vote, approved an amendment to Wabtec’s charter to increase the number of authorized shares of the company’s common stock and the issuance of its common stock in connection with the planned combination.
Wabtec Corporation is a leading global provider of equipment, systems and services for transit and freight rail. Through its subsidiaries, Wabtec manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company, with facilities around the world, also builds new switcher and commuter locomotives, and provides aftermarket services.