Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. Wabtec (WAB) Signs Revised Deal With GE, Gets Majority Stake Just as promised on its first-quarter earnings call,General Electric Company (GE 0.93%)has announced a deal to exit its transportation business as part of a wider plan to unload $20 billion worth of assets. To listen via webcast, go to the existing Wabtec website at www.wabtec.com and click on Webcasts in the Investor Relations section. GE has decided to merge GE Transportation with Wabtec. GE Announces Details for Anticipated Completion of Spin-Off and I am totally confused. I did review the discussion but it didn't help! GE Transportation | GE News - General Electric By bringing together our highly complementary strengths we are confident that this transformational combination will create value for both Wabtec and GE shareholders, innovative solutions for our customers, and new outlets for long-term career growth for our employees. The bearish case for GE stock, for the most part, focuses on the deterioration in free cash flow (FCF) and the ongoing problems in the power segment. Improve utilization and accelerate path to automation: The seamless combination of GE Transportations digital solutions and analytics systems with Wabtecs electronic systems and Positive Train Control (PTC) capabilities, is expected to improve safety, efficiency and productivity across the transportation industry and accelerate railroads path to advanced train automation. GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels. Management has already told investors to expect earnings and, by implication, cash flow to be at the lower end of 2018 guidance -- its most recent guidance implies a $500 million cut in power segment profit, which will be hard to make up elsewhere. Image source: Getty Images. Fax: 412-825-1019. DSPPs offer investors the opportunity to buy shares directly from the corporation, via the transfer agent, often without involving a broker. GE's innovation engine where ideas become reality to create a better world and deliver differentiated tech across the company's industrial portfolio. Interested parties can visit. The deal was agreed upon in May 2018. Due to low participation, GE ended the Stock Redemption program on November 10, 2016 for GE Stock Direct Investors. What is the per share cost basis for the partial share? Return calculations do not include reinvested cash dividends. That should wipe out the cash received in the dividend. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Confirm that Broadridge is the transfer agent - our name will usually appear on the certificate. Specifically, GE Transportation will be first distributed to GE shareholders in a "tax-free spin- or split-off; then immediately merged with Wabtec," according to the deal presentation.. What are the 12 general lab safety rules. 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.. Normally a corporation will have documentation on their website with a basic formulas to calculate the subsequent tax basis. We will keep you updated if there is a change. The combined company, which is expected to have revenues of more than $8 billion in 2019, has approximately 27,000 employees in 50 countries. Multiply the number of WABTEC shares received by $73.96. 30 Isabella Street If you wish to move your shares from registered to beneficial ownership, Broadridge or your broker will help you do so. Fax: 412-825-1019. We are seeing growth in rail traffic and recent promising orders for new and modernized locomotives from North American Class I, Shortlines and international railroads, and are confident in the compelling long-term opportunities and synergies before us.. The dividend calendar shows you for more than 1,000 dividend stocks in which month which company distributes its dividends. Historic cost basis in GE shares is unchanged and irrelevant to determining the There are many options when it comes to securities brokers, so make sure you are choosing one that will best suit your needs. The date of record for the transaction is February 14th andGE shareholders as of that date will receive ~0.005403 shares of Wabtec for each GE common share owned. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. This will offer shareholders a chance to sell their GE shares but retain their Wabtec interests or alternatively sell their Wabtec interest and retain their GE shares. Please see attached notice for additional details. Visit the companys new website at: www.WabtecCorp.com. However, the company will not receive the tax benefit possible if it had less than 50% and GE held on to . Effective immediately, Wabtec Chairman Albert J. Neupaver has been re-appointed executive chairman of the company, while Raymond T. Betler remains Wabtecs president and CEO. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec. Additionally, a when issued market is expected to begin trading on or about February 14th. Create a leading equipment, aftermarket services, and digital solutions provider across the transportation ecosystem: From factory to final destination and every point in-between the combined company will have the capabilities to accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency, and competitiveness. Please use another web browser to access this website. If you do not have this information, you should call our Lost Securities Department at the 800 number on this site. Equiniti Trust Company Phone: 1-800-786-2543 (toll free) or 1-651-450-4064 Website: Shareowneronline.com Regular Mail Delivery: EQ Shareowner Services P.O. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. It is headquartered in Pittsburgh, Pennsylvania. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. At GE, we rise to the challenge of building a world that works. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE's ownership). GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GEs ownership). The companys average rating score is 2.71, and is based on 5 buy ratings, 2 hold ratings, and no sell ratings. Current Value % Return 33.32%. Confirm that Broadridge is the transfer agent - our namewill usually appear on your account statement. Specifically, GE modified the terms of its merger agreement with Wabtec Corporation ( WAB -0.23%) in order to raise more cash for the company, but it also reduced the amount of Wabtec GE. What are analysts forecasts for Wabtec stock? Specifically, GE Transportation will be first distributed to GE shareholders in a "tax-free spin- or split-off; then immediately merged with Wabtec," according to the deal presentation. 617.443.3400, Deia Campanelli, GEdeia [dot] campanelli [at] ge [dot] com A culture of integrity, compliance, safety, and respect for human rights, while reducing our environmental footprint. How Much Will Wabtec Stock Jump After February 25? - SeekingAlpha What are "street name shares" or "beneficial shares"? Should one of the parties die, ownership of the shares passes to the surviving tenant(s). Furthermore, the transaction will facilitate a tax step-up with an NPV of approximately $1.1 billion of net tax benefit accruing to the combined company. Must they be reminded that we are retirees of a manufacturing company so most of us do not have the computer skills to educate ourselves further on this matter via the internet. GE : Announces Details for Anticipated Completion of Spin-Off and Following the completion of the transaction, Wabtecs corporate headquarters will remain in Wilmerding, Pa. Wabtecs Freight Segment will be headquartered in Chicago, and Wabtecs Transit Segment headquarters will remain in Paris. Creating the energy technologies of the future and improving the power networks that we depend on today. In some cases additional documents will be required to complete the transfer. Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine and industrial solutions. Include any additional instructions indicating how you wish the shares to be transferred. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. Visit your online account and change your investment elections in the appropriate plan section. It is suggested that the shipment be insured for 2% of the current value of the shares. Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. This feels a bit disappointing as I have some doubts on the operating execution. I give up! That's the number of WABTEC shares you received. For example: Mary Smith Cust Don Smith NY Unif Trans Min Act. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. Based on Wabtecs stock price on April 19, 2018, the last unaffected trading day prior to media speculation regarding a potential transaction, the value of the transaction is approximately $11.1 billion. The deal to merge GE transportation with Westinghouse Air Brake Technologies (WAB-0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders . The dividend is payable January 25, 2022 to shareholders of record at the close of business on December 21, 2021. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. GE will receive a $2.9 billion up-front cash payment, and GE and its shareholders will receive a 50.1% ownership interest in the combined company. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). Is Renewable Energy the Key to General Electric's Future? IMPORTANT: You must be able to provide the name of the security, the certificate number(s), the name of the registered owner(s), and the number of shares in all communications. Meanwhile, the structure of the deal is a nice way to return capital to GE shareholders. 2023 Wabtec Corporation. Please indicate if the registered stockholder is deceased so the appropriate documents may be forwarded to you. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. The companys culture and experienced global workforce will leverage the common values of innovation, collaboration, inclusiveness, and Lean and continuous improvement, to help solve its customers toughest challenges. What do GE shareholders get for Wabtec? We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Our two companies have more than 250 years of rail industry heritage, and our shared focus on safety, reliability, quality, and customer relationships will enable a smooth integration., Santana said: The combination of our two strong brands and remarkable people is an excellent fit that will create an organization well-positioned to accelerate the future of transportation. Contact information for general inquiries and feedback. 773.297.0482, Wabtec Investor Contacts I typically enter the cash-in-lieu transaction as a sell and consider the small capital gain as taxable. General Electric Is Getting Ready to Fire On all Cylinders, Why General Electric Stock Aced an 8% Gain Thursday, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks, Why I Refuse to Chase the Maximum Social Security Benefit, Social Security Cuts May Be Coming. Will wait to see if it stays that way or if it changes again. Caution Concerning Forward-Looking Statements Are they held somewhere or will I get actual stock certificates mailed to me? Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Box 64854 GE's transportation unit to merge with Wabtec in a deal valued at $11.1 Example: Mary Smith & Barbara Smith Jt Ten, This registration allows an appropriate portion of the shares to pass to the estate of the holder upon the holder's death rather than to the surviving tenant. Explore a timeline of GE technologies that have spurred transformation across the world. Wabtec brings to market a robust installed base of more than 23,000 locomotives globally, an expanded global reach, a strong mix of products and services, as well as enhanced capabilities to drive innovation faster in key growth areas. By embracing diverse teams and perspectives, we are better equipped to build a world that works. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . With best-in-class manufacturing facilities, unmatched digital expertise, always-on global services delivery, and unrivaled product breadth and performance, Wabtec is the rail industrys one-stop shop. Learn how were delivering on our priorities. If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. You can also access the link by going to www.wabtec.com and clicking on the Webcasts tab in the Investor section. Shareholder Services | General Electric GE also received approximately $2.9 billion in cash at closing. Explore GEs recent and historic SEC filings. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. Following the completion of the transaction, Stphane Rambaud-Measson will become president and CEO of Wabtecs Transit Segment; and Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtecs Freight Segment. Fortunately for Buffett, he did not buy common shares of GE stock. The Uniform Commercial Code (UCC) entitles transfer agents and corporate issuers to receive signature guarantees to protect them against fraudulent and unauthorized transfers. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The Motley Fool owns shares of and recommends Westinghouse Air Brake Technologies. As of this writing, there have been no discussion of index changes related to this transaction. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction. According to the Association of American Railroads, automation will help improve network velocity and fluidity, potentially saving railroads billions of dollars annually. Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. Payment months are February, May, August, November. Explore a career with us. $1.1 billion of net tax benefit will accrue to the combined company. What do GE shareholders get for Wabtec? - Rattleinnaustin.com GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. You will find the information under the "Plan Purchase Options" section of the website. Upon the Merger, the obligations of GECC under its then outstanding debt obligations were assumed by GE (the "GE Debt Assumption"). Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected . Wabtec Completes Successful Merger With GE Transportation About Wabtec Corporation Were continuing to do all we can to support our customers and employees during this unprecedented time. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, AND OTHER DOCUMENTS FILED BY GE, WABTEC OR SPINCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Equiniti Trust Company (EQ) transfer agent and registrar for GE. Multiply your number of GE shares on 2/25/19 by 0.005371. Stock Information | Wabtec Corporation We were told we will retain the same number of GE share units, but that their value will change. Investors are expected to benefit through ownership of a stronger, more diverse business better positioned to perform through the cycle, with expected annual double-digit EPS growth and total run-rate synergies of about $250 million estimated to be achieved by 2022. 412.825.1423, Transportation solutions that revolutionize the way the world moves. Valerie Clark 10/25/2022 The exchange ratio for the combined Spin-off/merger transaction is 0.005371, meaning participating GE shareholders will receive 0.005371 shares of Wabtec common stock for each outstanding share of GE common stock held. As it stands, GE expects $6 billion to $7 billion in industrial FCF in 2018, which is intended to fund a $4.2 billion dividend payment. WILMERDING, PA, (Feb. 25, 2019) Wabtec Corporation (NYSE: WAB) announced today it has completed its merger with GE Transportation, a former business unit of GE (NYSE: GE).

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