Wabtec has approximately 27,000 employees in facilities throughout the world. Current Shares. Confirm that Broadridge is the transfer agent - our namewill usually appear on your account statement. About Wabtec Corporation Learn how were delivering on our priorities. You can access your account information from our secure website by clicking on the Shareholder Login link, where you can view and manage the following: Use our Plan Wizard to make your initial investment. Thank you. Locomotive; Freight Car; Freight Services; This information does not constitute tax advice. Microsoft is retiring and will no longer support Internet Explorer. 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. Betler said: Wabtec and GE Transportation are global industry leaders and we believe that together we have a unique opportunity to drive tremendous growth in 2019 and beyond as the industry continues to improve. 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. Multiply the number of WABTEC shares received by $73.96. Changing plan electionsYou may change your plan investment decisions by taking the following steps: Selling shares held in a planYou may sell shares held in a plan by taking one of the following steps: When will I receive my 1099?Form 1099s are typically mailed or sent electronically in January according to IRS guidelines. This website no longer supports the Internet Explorer web browser. If you hold your shares in a brokerage account, the new shares will show up there. The GEs website under the investors tab doesnt have any mention of spinoff of the transportation business to WAB. GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec. Please use another web browser to access this website. General Electric Co. changed the structure of the planned spinoff of its transportation division by taking a larger stake in the new company rather than giving it to shareholders. 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. Discover how our people & technology are solving global issues, improving lives, and changing industries. For important information about securities laws and forward-looking statements involving this transaction, please click here. CONFERENCE CALL INFORMATION If You Do This, You Won't Have to Worry About Them, A Bull Market Is Coming: 3 Stocks to Buy Without Hesitation, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. 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. December 10, 2021The Board of Directors of GE (NYSE: GE) today declared a $0.08 per share dividend on the outstanding common stock of the Company. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words may, will, should, potential, intend, expect, endeavor, seek, anticipate, estimate, overestimate, underestimate, believe, could, project, predict, continue, target or other similar words or expressions. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). In some cases additional documents will be required to complete the transfer. Wabtec has also been notified that it will now be included in the S&P 500 Index. Solutions. Company mailings, including dividends, will reach you through your broker. Stay up to date with the latest resources for the planned spin-offs. 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. GE Reverse Stock Split Frequently Asked Questions. In the transaction, GE received about $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an approximately 24.9% ownership interest in Wabtec. $1.1 billion of net tax benefit will accrue to the combined company. 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. All Rights Reserved. I don't know exactly what they are saying, but I think this has to be entered as a dividend (non-stock?). Is Renewable Energy the Key to General Electric's Future? What are analysts forecasts for Wabtec stock? Summary. 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. For example, GE Transportation is expected to deliver around 300 locomotives in 2018; that compares with an average of around 670 over the last decade. Voices is a network for GEs US supporters interested in the companys impact in their communities and in issues that impact the company. basis of Wabtec shares going forward. An overhaul can lower the amount of fuel the locomotives need by 10 percent, increase reliability by 40 percent and boost their ability to haul cargo by 50 percent. Make the selection by filling out the form on your account statement and returning it to Broadridge. Effective December 2, 2015, General Electric Capital Corporation (GECC) merged with and into GE (the "Merger") to assure compliance with debt covenants as GECC exits the assets planned for disposition. As per the terms of the transaction, GE distributed all 8.7 billion shares of common stock of Transportation Systems Holdings Inc. with respect to the shares of GE common stock outstanding as of the close of business on February 14, 2019 by means of a pro rata distribution, to complete the merger. The S-4 SEC filing amended sometime like 1/25/19 seems to support that taxable change. There are several custodial registrations possible. I'm looking for someone to tell me how! Shares of General Electric Co. GE, +1.43% surged 2.0% in premarket trade Monday, after the industrial conglomerate agreed to merge its GE Transportation unit with rail operator Wabtec Corp. WAB . 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.. Will GE shareholders get shares of Wabtec? Proactive performance monitoring can also be improved by integrating Wabtec products within locomotive control systems and by leveraging GE Transportations expansive remote monitoring and diagnostics systems. The company also builds new switchers locomotives used to move cars around in railyards and commuter locomotives. On May 21, 2018, GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal, completed on February 25, 2019, that saw Wabtec shareholders take a 50.8% shareholding in the merged . The letter of instruction must be accompanied by a Legal Transfer Form bearing the appropriate signature(s). Read the latest GE financial news releases and stories. Access important shareholder information. A notary stamp is not acceptable when transferring the ownership of stock. Second, it's worth noting that Wabtec is merging with GE Transportation at a cyclical low point. Some plans do require that investors own a minimum number of shares prior to participating in a plan. Box 1342Brentwood, NY 11717. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . 30 Isabella Street Pittsburgh, PA 15212 - USA Phone: 412-825-1000 Fax: 412-825-1019. 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 to collectively own approximately 50.8%. Historic cost basis in GE shares is unchanged and irrelevant to determining the WAB scores best on the Quality dimension, with a Quality rank ahead of 85.16% of US stocks. 2023 Wabtec Corporation. I failed. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. Explore a timeline of GE technologies that have spurred transformation across the world. 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. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling the digital-rail-and-transit ecosystems. Mail your certificates to Broadridge at the address below with a completed Legal Transfer Form which can be downloaded at the right: The Legal Transfer Form must be appropriately signed by all registered holders, exactly as the name(s) appear on the face of the certificate(s) or must be accompanied by a stock power bearing the appropriate signature(s). The GE Transportation business is positioned for a significant rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. If you hold shares in DRS Book-Entry (no certificate), please follow the steps below: How do I transfer registered shares to beneficial or street shares via my broker? This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction. Divide the Cash in Lieu by the fractional number of shares received as determined in step 1. First, Wabtec's management estimates that the existing company currently trades on a 2019 EV-to-adjusted EBITDA multiple of 14, but the new Wabtec (which will roughly double in size) will trade on a 2019 EV-to-adjusted EBITDA multiple of just 9, after the tax benefits and synergies start to kick in. (If your numbers are universal, you bought Wabtec for 73.96/sh and sold the fractional for 72.7631/sh netting a short-term loss of $1.1969/Wabtec share). With this transaction, GE sold a portion of GE Transportation assets to Wabtec, spun off a portion of GE Transportation to GE shareholders and then GE Transportation merged with a wholly owned subsidiary of Wabtec. 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. Together, we can expand our global reach, strengthen our market capabilities and lead digital innovation across the transportation industry. The recent restructuring of the deal provides GE with more cash, but it also left GE as the minority owner of the combined entity. Disclosure: Author holds no position in any stock mentioned. In a sense, GE is covering its 2018 dividend by borrowing money and relying on asset sales. GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels. Learn how were delivering on our priorities. The combined company, which is expected to have revenues of more than $8 billion in 2019, has a compelling growth profile, especially as market conditions improve in the industries it serves. 2023 Broadridge Financial Solutions, Inc. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted. $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin). The Motley Fool owns shares of and recommends Westinghouse Air Brake Technologies. You're right, I reversed the figures and corrected my original post. Registered shareholders receive dividends, proxies and other communications directly from the corporation via the transfer agent or the corporation directly. Our energy expertise spans from renewable wind energy to emission-reducing natural gas, as well as physical and digital solutions to modernize the grid connecting it all. The signature(s) must be guaranteed by a financial institution participating in an officially recognized Medallion Signature Guarantee Program (see below). 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. GE Transportation has received $3.6 billion in orders in the last two quarters.
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