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. For the fiscal year ending December 31, 2017, GE Transportation generated approximately $3.9 billion in revenue and $701 million in adjusted EBIT (approximately 18% margin). Access GEs recent and historic Annual Reports and accompanying materials. 30 Isabella Street Pittsburgh, PA 15212 - USA Phone: 412-825-1000 Fax: 412-825-1019. How can I sell my shares that are held in certificate form? Please use another web browser to access this website. 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. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. The 2019 EBITDA multiple range including synergies and tax benefits is approximately 9x, and the 2019 EBITDA multiple range excluding synergies and tax benefits is approximately 11.75x. Some plans do require that investors own a minimum number of shares prior to participating in a plan. This combination will create a compelling offering to meet the industry's rapidly growing demand for rail performance, with the potential to unlock billions in annual savings across freight rail for customers and operators. It is based in Wilmerding, Pennsylvania. Aside from the tax benefit, the merged company is expected to generate $250 million in run-rate synergies by the fourth year after the deal, or around 3.2% of the combined 2017 revenue of GE Transportation and Wabtec. Any idea how much and when it will show up? If you hold certificates that you wish to transfer, please follow the steps below: Broadridge Corporate Issuer SolutionsP.O. Note that all shares held in a plan will be in DRS (book-entry) form. Pittsburgh, PA 15212 - USA Has been since process revisions were improved, but so few taxable spinoffs come up, the language has not been a problem so far (that I have seen). Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. Any forward-looking statements speak only as of the date of this communication. What are the 12 general lab safety rules. 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 . Microsoft is retiring and will no longer support Internet Explorer. Your corporation you own stock in may also support a stock sale plan. Sell the fractional share by the per share selling price determined by Step 5. This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Voices is a network for GEs US supporters interested in the companys impact in their communities and in issues that impact the company. . If the stock issuer supports these stock options, you may deposit your certificated share(s) into the DRS Book Entry form or Plan form in order to sell through Broadridge. basis of Wabtec shares going forward. 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.. DSPP Some companies offer DSPPs, so please visit your online account to determine if a plan is available to you. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. If you want to sell your shares of GE stock, please contact GEs current transfer agent, Equiniti Trust Company (EQ). 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 strongest trend for WAB is in Quality, which has been heading up over the past 179 days. Patrick, I am not a tax expert and you should certainly ask one. It is headquartered in Pittsburgh, Pennsylvania. the transaction has no impact on the tax basis in GE shares'. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . To listen via webcast, go to the existing Wabtec website at www.wabtec.com and click on Webcasts in the Investor Relations section. On July 27, 2015, Wabtec announced that it plans to purchase 51% of Faiveley Transport's shares in a cash-and-stock deal valued . (RTTNews) - General Electric Co. (GE) on Monday announced the completion of the spin-off and subsequent merger of its transportation business with Wabtec Corp. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft with a global service network to support these offerings. Creating the energy technologies of the future and improving the power networks that we depend on today. In a sense, GE is covering its 2018 dividend by borrowing money and relying on asset sales. Registering shares in the name of a Trust requires that specific information be provided: the name of the trust and/or the maker or beneficiary and the date of the trust instrument. According to the current price, Wabtec is 90.56% away from the 52-week high. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Certificates will not be issued for shares held in a plan. GE's transportation unit to merge with Wabtec in a deal valued at $11.1 Receives 9.9% of shares in new Wabtec and $2.9 billion in cash. I still have not spoken to Schwab nor my Investment Advisor however I see that Schwab has changed the cost basis to $78.06 for buying Wabtec shares which is the Close on 2/25/19 (instead of the average of the high & Low for that day). Begin typing your search term above and press enter to search. If you have not established an online account, you may follow the online instructions or contact us via the 800 number on your account statement or this site. Wabtec will now have 50.8%, up 0.9%. Notification via fax to: (215) 553-5402; attention Lost Securities Dept. Phone: 412-825-1000 GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. WAB scores best on the Quality dimension, with a Quality rank ahead of 85.16% of US stocks. Include any additional instructions indicating how you wish the shares to be transferred. Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. Joint Tenants with Rights of Survivorship, This registration is used when two or more individuals have equal claim to the shares. Meanwhile, the structure of the deal is a nice way to return capital to GE shareholders. If you wish to move your shares from registered to beneficial ownership, Broadridge or your broker will help you do so. 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. CONFERENCE CALL INFORMATION 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. Deia Campanellideia [dot] campanelli [at] wabtec [dot] comclass="spamspan" The combination will bring together two global leaders in rail equipment, services and software, combining GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtecs broad range of freight, transit and electronics solutions. I agree the in-product help is in error for the taxable spinoff. Explore a timeline of GE technologies that have spurred transformation across the world. Please send us a letter of instruction signed by all registered owners stating your intent to transfer. This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. Welcome Wabtec Investors - Broadridge Financial Solutions Wabtec - Wikipedia 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). The signature(s) must be guaranteed by a financial institution participating in an officially recognized Medallion Signature Guarantee Program (see below). You can also buy GE stock through brokerage firms that act as a facilitator between individual investors and GE. Wabtec has also been notified that it will now be included in the S&P 500 Index. All Rights Reserved. Wabtec (WAB) Signs Revised Deal With GE, Gets Majority Stake Let's take a look at both sides of the story. Please refer to the tax disclosure included in the General Electric Company Series D preferred stock prospectus for additional information. All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. Buy the number of shares of WABTEC per step 1 at a per share price of $73.96. If you do not have this information, you should call our Lost Securities Department at the 800 number on this site. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE to merge transportation unit with Wabtec in $11.1 billion deal GE has decided to merge GE Transportation with Wabtec. You can also listen to the webcast by going to Wabtecs new website at www.WabtecCorp.com and clicking on Events & Presentations in the Investor Relations section. As of this writing, there have been no discussion of index changes related to this transaction. At GE, we are committed to building a more diverse workforce and a more inclusive workplace. So far I still have 18.395 shares in my Vanguard brokerage account. Although this figure is lower than the 5% many analysts assume for mergers, there are a couple of things to consider that suggest Wabtec is onto a good thing. Investors and security holders will also be able to obtain free copies of the documents filed by GE, Wabtec and/or SpinCo with the SEC from the respective companies by directing a written request to GE and/or SpinCo at General Electric Company, 41 Farnsworth Street, Boston, Massachusetts 02210 or by calling 617-443-3400. The letter from GE HR to retirees in the RSP was not clear at all. 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. A set of GE algorithms then crunches the information and flags potential problems to operators working at several mission-control-like centers located around the world. Furthermore, the deal structure should accrue a net tax benefit of $1.1 billion to Wabtec. Im not sure Ameritrade is handling the action correctly. The General Electric and Wabtec Merger: What It Means to Investors The use of a first name is desirable. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GEs ownership). This registration gives sole ownership to the single individual and requires that the person's legal name be used. 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. I believe the answer is that the entire value of the distribution is taxed now, that that value becomes the tax basis of the Wabtec shares, and that your GE tax basis is reduced by that amount. Learn how were delivering on our priorities. GE pays a dividend of $0.32 per share. 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). WILMERDING, Pa. and CHICAGO, May 21, 2018 Wabtec Corporation (NYSE: WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE: GE). Learn more about our culture, businesses, and life at GE. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Box 1342Brentwood, NY 11717. 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. ", Broadridge Corporate Issuer Solutions P.O. Please see attached notice for additional details. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". Is Wabtec Exposed To GE's Pension Woes? - SeekingAlpha GE Transportations innovations help customers deliver goods and services with greater speed and savings using advanced manufacturing techniques and connected machines. If you keep your stock with your broker in a broker account, you are a "street name" holder and are not directly registered on the company's records as maintained by the transfer agent. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. These documents can be obtained free of charge from the sources indicated above. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. GE Transportation helps move the world and improve the world, as a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. About Wabtec Corporation At GE, we rise to the challenge of building a world that works. The costs associated with DSPPs may be higher or lower than the costs of using a broker. 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. Stock Information | Wabtec Corporation Wabtec's existing shareholders could own 49.9% of the combined entity and contribute a $2.9 billion cash payment to GE. This information does not constitute tax advice. Wabtec will host a call with analysts and investors at 8:30 a.m., ET today to discuss its 2018 results and 2019 guidance, and the merger. DSPPs offer investors the opportunity to buy shares directly from the corporation, via the transfer agent, often without involving a broker. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas. You may obtain a surety bond from our independent insurance provider, The Chubb Corporation. Those shares were also convertible, meaning Buffett could choose to convert them to common shares. In connection with the proposed transaction between GE and Wabtec, Transportation Systems Holdings Inc., a wholly owned subsidiary of GE created for the transaction (SpinCo), will file with the SEC a registration statement on Form S-4/S-1 containing a prospectus or a registration statement on Form 10 and Wabtec will file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus. Here's the step by step, (having eliminated everything that was downloaded to you): Do you know why I would receive .395 shares on 3/1/19 after receiving 18 on 2/25/19? Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. Thanks for the information. Based on the number of shares of GE and Wabtec common stock outstanding on Dec. 31, GE shareholders are also expected to get about 0.005403 of a share of Wabtec common stock for each share of GE . 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. 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 . Microsoft is retiring and will no longer support Internet Explorer. Current Value % Return 33.32%. 2023-03 GE SCF Investor Report (PDF, 180 KB), 2022-12 GE SCF Investor Report (PDF, 70 KB), 2022-09 GE SCF Investor Report (PDF, 71 KB), 2022-06 GE SCF Investor Report (PDF, 182KB), 2022-03 GE SCF Investor Report (PDF, 182KB), 2021-12 GE SCF Investor Report (PDF, 182KB), 2021-09 GE SCF Investor Report (PDF, 181KB), 2021-06 GE SCF Investor Report (PDF, 71KB), 2021-03 GE SCF Investor Report (PDF, 79KB), 2020-12 GE SCF Investor Report (PDF, 64KB), 2020-09 GE SCF Investor Report (PDF, 72KB), 2020-06 GE SCF Investor Report (PDF, 72KB), 2020-03 GE SCF Investor Report (PDF, 79KB), 2019-12 GE SCF Investor Report (PDF, 380KB), 2019-09 GE SCF Investor Report (PDF, 383KB), 2019-06 GE SCF Investor Report (PDF, 369KB), 2019-03 GE SCF Investor Report (PDF, 353KB), 2018-12 GE SCF Investor Report (PDF, 59KB), 2018-09 GE SCF Investor Report (PDF, 88KB), 2018-06 GE SCF Investor Report (PDF, 88KB), 2018-03 GE SCF Investor Report (PDF, 88KB), 2017-12 GE SCF Investor Report (PDF, 87KB), 2017-09 GE SCF Investor Report (PDF, 35KB), 2017-06 GE SCF Investor Report (PDF, 160KB), 2017-03 GE SCF Investor Report (PDF, 160KB), 2016-12 GE SCF Investor Report (PDF, 160KB), 2016-09 GE SCF Investor Report (PDF, 155KB), 2016-06 GE SCF Investor Report (PDF, 160KB), 2016-03 GE SCF Investor Report (PDF, 160KB), 2015-12 GE SCF Investor Report (PDF, 159KB), 2015-09 GE SCF Investor Report (PDF, 159KB), 2015-06 GE SCF Investor Report (PDF, 175KB), 2015-03 GE SCF Investor Report (PDF, 154KB), 2014-12 GE SCF Investor Report (PDF, 158KB), 2014-09 GE SCF Investor Report (PDF, 159KB), 2014-06 GE SCF Investor Report (PDF, 161KB), 2012-12 GE SCF Investor Report (PDF, 155.0KB), 2012-09 GE SCF Investor Report (PDF, 155.0KB), 2012-06 GE SCF Investor Report (PDF, 155.0KB), 2012-03 GE SCF Investor Report (PDF, 156.0KB), 2011-12 GE SCF Investor Report (PDF, 154KB), 2011-09 GE SCF Investor Report (PDF, 156.0KB), 2011-06 GE SCF Investor Report (PDF, 157.0KB), 2011-03 GE SCF Investor Report (PDF, 100.0KB), 2010-12 GE SCF Investor Report (PDF, 101.0KB), 2010-09 GE SCF Investor Report (PDF, 100.0KB), 2010-06 GE SCF Investor Report (PDF, 101.0KB), 2010-03 GE SCF Investor Report (PDF, 101.0KB), 2009-12 GE SCF Investor Report (PDF, 101.0KB), 2009-09 GE SCF Investor Report (PDF, 98.8KB), CAUTION CONCERNING FORWARD LOOKING STATEMENTS. By embracing diverse teams and perspectives, we are better equipped to build a world that works. Caution Concerning Forward-Looking Statements 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. Combining GE Transportations constant monitoring of messages from 17,000 locomotives with monitoring of Wabtecs passenger and shunter locomotives can make for a smarter, more efficient and safer transportation system. Notice to holders of General Electric Company Series D preferred stock. GE Completes Spin-off Of GE Transportation Into Wabtec - Insider Raymond T. Betler, Wabtecs president and CEO, said: We are very excited to complete the merger of our two companies. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. In the event of loss, a surety bond of 2% will be required to replace the certificates. Securities and Exchange Commission (SEC) regulations define the financial institutions that are eligible to provide such signature guarantees, e.g., commercial banks, brokers, credit unions, savings and loan institution. This feels a bit disappointing as I have some doubts on the operating execution. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Small shareholders will likely receive just cash in lieu of fractional shares and the odd exchange ratio could create orphaned positions and a period of forced selling. On August 5, 2014, GE completed the initial public offering (IPO) of its North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business. 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). That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. Learn More. Moreover, under the modified structure Wabtec will issue 3.3 million fewer shares than . This transaction is good for GE shareholders, who gain equity in an organization at the forefront of rail innovation; for GE, as we work to reduce leverage and strengthen our balance sheet; and for Wabtec, which now has a stronger and more diversified business mix to serve its customers, said GE Chairman and CEO H. Lawrence Culp Jr. The GE and Wabtec teams worked hard to complete this deal, and I am excited by the opportunities ahead for Wabtec., Raymond T. Betler, Wabtecs president and CEO, said the deal was a once-in-a-lifetime opportunity to bring together nearly four centuries of collective experience to create a technologically advanced leader with a highly complementary set of capabilities to move and improve the world.. Your broker will ask for some basic information about your account, including: Your account number (obtain from your statement or online account), The number of shares you wish to transfer, Whether you hold your shares in DRS (book-entry) or certificate form. It's too early to tell right now, but what's undeniable is that the GE-Wabtec deal marks progress on GE management's strategic aims, and that can't be seen as anything but a plus. GE's innovation engine where ideas become reality to create a better world and deliver differentiated tech across the company's industrial portfolio. The ex-dividend date is December 20, 2021. We were told we will retain the same number of GE share units, but that their value will change. 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. Sign up for our newsletter and stay up to date with whats happening in Investor news. 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.. Learn how were delivering on our priorities. According to the Association of American Railroads, automation will help improve network velocity and fluidity, potentially saving railroads billions of dollars annually. Tune in or catch up on GEs latest investor events and reports. 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. Let's start by breaking out who will own what after the merger. Broadridge will send you the documents necessary to obtain replacement certificates along with instructions to complete them. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of Wabtec may not be obtained; (2) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by GE or Wabtec, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of GE, Wabtec and SpinCo; (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in achieving revenue and cost synergies of the combined company; (8) inability to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transaction; (10) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in general economic and/or industry specific conditions; (13) actions by third parties, including government agencies; and (14) other risk factors as detailed from time to time in GEs and Wabtecs reports filed with the SEC, including GEs and Wabtecs annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC.