Wabtec Corporation (WAB) and General Electric Company (GE) announced that the U.S. Department of Justice, or DoJ, has closed its review of the pending merger of Wabtec and GE Transportation, a business unit of GE. Raymond Betler, president and CEO of Wabtec, said: "The DOJ's decision to close its review of the pending merger marks a significant milestone for our customers, employees, and shareholders. By bringing together GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtec's broad range of freight, transit and electronics solutions, we will have the capability and expertise to invent smarter ways to move and improve the world." The transaction, which will position Wabtec as a Fortune 500 company with operations in more than 50 countries, is expected to close by the end of Q1, subject to satisfaction or waiver of customary closing conditions. Once the transaction is completed, the combined company is expected to have significantly expanded margins, a highly attractive profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas.
