General Electric in Talks to Merge Train-Engine Unit With Wabtec -- Reuters
May 20 2018 - 3:17PM
Dow Jones News
General Electric Co. (GE) is in talks to merge its
transportation unit, which builds train engines, with Wabtec (WAB),
Reuters reported Sunday.
As reported in The Wall Street Journal, GE has been exploring
options for the GE Transportation division as a major part of Chief
Executive John Flannery's plans to sell more than $20 billion worth
of assets in the next two years.
Although GE is one of the world's biggest makers of freight
locomotives, the business is cyclical and has been suffering lately
from slack demand.
At the company's annual meeting last month, Mr. Flannery told
shareholders he was "keenly aware" of the pain caused by a dividend
cut and the troubles of the past year, and said the best way to
make amends was to "fix the business."
Full story:
https://www.reuters.com/article/us-getransportation-m-a-wabtec-exclusive/exclusive-ge-nears-deal-to-merge-transportation-unit-with-wabtec-sources-idUSKCN1IL0OT
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(END) Dow Jones Newswires
May 20, 2018 15:02 ET (19:02 GMT)
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