19:20 22.05.2018

General Electric, Wabtec merger not to affect cooperation with Ukrzaliznytsia

1 min read

The decision to merge by transport business GE Transportation and Wabtec Corporation, a leading global supplier of equipment, systems and elements for railway transport, would not affect cooperation with public joint-stock company Ukrzaliznytsia, President and CEO General Electric Transportation Rafael Santana told acting Ukrzaliznytsia Board Chairman Yevhen Kravtsov during a phone talk.

Ukrzaliznytsia said, referring to the GE Transportation CEO that the decision to merge is aimed at giving a new impulse to development and operation of the transportation division of the U.S. company.

Under the agreement with General Electric, its shareholders would receive 50.1% of shares in the merged company, and shareholders in Wabtec – 49.9%. Santana said that the combination of two strong brands and specialists is the excellent decision, which would allow creating a company with a good market position and make the future of the transport sector closer.

Santana will become President and CEO of the freight division of the merged company to be named Wabtec Corporation. The deal will be closed after receiving permits from regulating agencies. It is expected to be finalized early 2019.

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