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. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. At GE, we rise to the challenge of building a world that works. $1.1 billion of net tax benefit will accrue to the combined company. 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. Caution Concerning Forward-Looking Statements To exchange your physical GE share certificates for a statement of holdings in book-entry form, please contact GE's transfer agent, Equiniti Trust Company, to begin the process. Split Adjustment 1. Solutions. 773.297.0482, Rich Stimel, Wabtecrstimel [at] wabtec [dot] com Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Ithas also expanded heavily into software and thelucrative business of locomotive upgrades. 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. Any forward-looking statements speak only as of the date of this communication. The companys culture and experienced global workforce will leverage the common values of innovation, collaboration, inclusiveness, and Lean and continuous improvement, to help solve its customers toughest challenges. Were continuing to do all we can to support our customers and employees during this unprecedented time. 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 . This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the acquisition by Wabtec of GE Transportation (the transaction) and statements regarding Wabtecs expectations about future sales and earnings. 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. Can all this be explained in normal peoples language. Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Specifically, GE modified the terms of its merger agreement with Wabtec Corporation ( WAB -0.23%) in order to raise more cash for the company, but it also reduced the amount of Wabtec GE. 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. Visit the companys new website at: www.WabtecCorp.com. Explore the latest stories, news, downloads, and press tools. All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Read the latest GE financial news releases and stories. GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our. If you do not have this information, you should call our Lost Securities Department at the 800 number on this site. For the fiscal year ending December 31, 2017, Wabtec generated approximately Sell any fractional share for whatever cash-in-lieu amount received. Access important shareholder information. You can also access the link by going to www.wabtec.com and clicking on the Webcasts tab in the Investor section. Welcome Wabtec Investors - Broadridge Financial Solutions Box 1342Brentwood, NY 11717. I am certainly no expert in how index membership decisions are made, but its worth watching. According to the earlier terms, General Electric's shareholders were to get 40.2% with 9.9% going to GE. 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. Explore a career with us. Note that the in-product QWin 2019 Help for a taxable spin-off would have you enter a Misc Income for the dollar value of the spin-off and an Add rather then Buy for the new shares. Explore a timeline of GE technologies that have spurred transformation across the world. 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. Certificates will not be issued for shares held in a plan. Any idea how much and when it will show up? Some plans do require that investors own a minimum number of shares prior to participating in a plan. 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. Wabtec is a global provider of equipment and systems services for transit and freight rail. However, it will do little to appease dyed-in-the-wool bears worried about the sustainability of the company's dividend and restructuring prospects. Tune in or catch up on GEs latest investor events and reports. Confirm that Broadridge is the transfer agent - our name will usually appear on the certificate. 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. 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. Offering a suite of products to help unlock the full potential of additive manufacturing. Access important shareholder information. Phone: 412-825-1000 Historic cost basis in GE shares is unchanged and irrelevant to determining the Will GE shareholders get shares of Wabtec? I just checked my Vanguard and it's still showing 18.395 shares of WAB. How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? Investors and security holders can also contact Wabtec at Wabtec Corporation, 1001 Air Brake Avenue, Wilmerding, PA 15148 or by calling 412-825-1543. 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. At GE, we are committed to building a more diverse workforce and a more inclusive workplace. 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. It sounds like GE structured the spinoff as a taxable event, but hard to say for sure without reading the spinoff documents. Were continuing to do all we can to support our customers and employees during this unprecedented time. Change your elections by completing the form on your account statement and returning it to Broadridge. Wabtec and GE Transportation to Merge, Creating - Wabtec Corporation GE will receive a $2.9 billion up-front cash payment, and GE and its shareholders will receive a 50.1% ownership interest in the combined company. We are seeing growth in rail traffic and recent promising orders for new and modernized locomotives from North American Class I, Shortlines and international railroads, and are confident in the compelling long-term opportunities and synergies before us.. Every state has this law, often referred to as Unclaimed Property. Access the latest press releases, media contacts, and press tools. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. Thank you. CONFERENCE CALL INFORMATION This merger establishes Wabtec as a Fortune 500, global transportation and logistics leader by combining Wabtecs broad range of freight, transit and electronics products with GE Transportations best-in-class equipment, services and digital solutions in the locomotive, mining, marine, stationary power and drilling industries. You will find the information under the "Dividend Payment Options" section of the website. In some cases additional documents will be required to complete the transfer. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. The transit portfolio provides highly-engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort. Hi All, I don't have a quicken account but was reading the comments looking for direction also myself. GE Transportation Fax: 412-825-1019. As a result of an internal reorganization undertaken by General Electric Company, interest payments made after November 25, 2018 will be treated as U.S.-source interest for U.S. federal income tax purposes. As a result, the merger is no longer structured as a Reverse Morris Trust and instead will be taxable to GE shareholders. Any forward-looking statements speak only as of the date of this communication. If you own stock through a broker, sign up at Broadridge. What are "street name shares" or "beneficial shares"? You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. 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). Wabtec will now have 50.8%, up 0.9%. These instructions should provide the name, address and Social Security Number for each transferee and should indicate the number of shares to be transferred. All told, it looks like a good deal for Wabtec. 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. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. Wabtec pays a dividend 4 times a year. Sell the fractional share by the per share selling price determined by Step 5. Just as promised on its first-quarter earnings call,General Electric Company (GE 0.93%)has announced a deal to exit its transportation business as part of a wider plan to unload $20 billion worth of assets. Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company. lucrative business of locomotive upgrades. Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. GE Announces Details for Anticipated Completion of Spin-Off and For important information about securities laws and forward-looking statements involving this transaction, please click here. The combined company has a multi-year backlog of more than $23 billion. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Wabtec has been hit by the pandemic and only has seen a partial recovery in 2021. Capitalize on digital/electronic technologies to develop autonomous capabilities:Bringing together GE Transportations digital solutions with Wabtecs electronic systems is expected to drive the advancement and implementation of technology solutions to improve safety, efficiency and productivity for the transportation industry. That's the number of WABTEC shares you received. The letter of instruction must be accompanied by a Legal Transfer Form bearing the appropriate signature(s). (RTTNews) - General Electric Co. (GE) on Monday announced the completion of the spin-off and subsequent merger of its transportation business with Wabtec Corp. 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. 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). The date of record for the transaction is February 14th and GE shareholders as of that date will receive ~0.005403 shares of Wabtec for each GE common share owned. The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction. Readers are cautioned not to place undue reliance on any of these forward-looking statements. 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. Deia Campanellideia [dot] campanelli [at] wabtec [dot] comclass="spamspan" 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. Pittsburgh, PA 15212 - USA All statements, other than historical facts, including statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction, including future financial and operating results, the tax consequences of the proposed transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. How do I transfer my stock and retain as registered shares? 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). Wells Fargo Shareowner Services (Shareowner Services), a division of Wells Fargo Bank N.A., has served as the transfer agent & registrar for GE. GE Transportation is positioned for a substantial rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. 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. As you can see below, existing shareholders will be rewarded with stock, as well as future cash flow and dividends from the new Wabtec. Moreover, under the modified structure Wabtec will issue 3.3 million fewer shares than . We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Overview of General Electric Capital Corporation merger with and into GE. GE has decided to merge GE Transportation with Wabtec. The influx of $2.9 billion in cash from Wabtec won't impress the bears much. Access GEs recent and historic Annual Reports and accompanying materials. I give up! Together we are well positioned to take advantage of the opportunities created by industry trends toward efficiency and improved performance and, with the merger complete, we are focused on leveraging our complementary portfolios to spur growth.. 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 . GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Over the last decade, GE Transportation has transformed more than 2,000 locomotives for close to 40 customers around the world, and the company has strong orders for modernization from railroad operators like Norfolk Southern and Canadian Pacific. Locomotive; Freight Car; Freight Services; What is the per share cost basis for the partial share? For GE shareholders who received shares of Wabtec stock as part of the Wabtec- GET Merger, the cost basis in the Wabtec stock received is $78.06 per share, which was the closing price per share on February 25, 2019. 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. Stated another way, for each approximately 186 shares of GE common stock held, a GE shareholder will receive one share of Wabtec common stock. Were deeply proud of GE employees around the world rising to the challenge. Creating the energy technologies of the future and improving the power networks that we depend on today. Normally a corporation will have documentation on their website with a basic formulas to calculate the subsequent tax basis. If you want to sell your shares of GE stock, please contact GEs current transfer agent, Equiniti Trust Company (EQ). Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. You should receive your 1099 by mid-February. Accomplished leaders building GEs legacy. The letter from GE HR to retirees in the RSP was not clear at all. If you have lost your share certificates, we can help replace them, by following these steps: Broadridge Corporate Issuer SolutionsP.O. In the event of loss, a surety bond of 2% will be required to replace the certificates. 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. This will offer shareholders a chance to sell their GE shares but retain their Wabtec interests or alternatively sell their Wabtec interest and retain their GE shares. Image source: Getty Images. Wabtec and GE Transportation to Merge, Creating Global Leader for Rail Equipment, Services and Software (PDF). 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? 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%. If you hold them directly, you should receive them that way. 412.825.1543, Transportation solutions that revolutionize the way the world moves. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. the transaction has no impact on the tax basis in GE shares'. On July 27, 2015, Wabtec announced that it plans to purchase 51% of Faiveley Transport's shares in a cash-and-stock deal valued . 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. Include any additional instructions indicating how you wish the shares to be transferred. Wabtec shares rose 4.3 percent to $99.28. Wabtec is a leading supplier of critical components, locomotives, services, signaling and logistics systems and services to the global rail industry. 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. What are analysts forecasts for Wabtec stock? I agree the in-product help is in error for the taxable spinoff. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. 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. Summary. A surety bond is typically obtained by paying a premium to the surety company equal to 2% of the current value of the shares being replaced. All told, if GE can maintain its full-year 2018 cash flow guidance and FCF can improve markedly in 2019, then the Wabtec deal will turn out to have been a smart move. Ive had a series of email exchanges with the corporate actions team at Ameritrade. Investors will be required to go to the state to reacquire them, but if the state has sold their shares, they will have lost all dividends and any increase in value. Explore the latest stories, news, downloads, and press tools. 2023 Broadridge Financial Solutions, Inc. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. Raymond T. Betler, Wabtecs president and CEO, said: We are very excited to complete the merger of our two companies. Explore GEs recent and historic SEC filings. Original Value. Readers are cautioned not to place undue reliance on any of these forward-looking statements. 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. Westinghouse Air Brake Technologies has received a consensus rating of Buy. 2023 Wabtec Corporation. In short, GE needs cash, and many investors may have preferred a deal with a higher cash component rather than the one outlined above. 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. This registration gives sole ownership to the single individual and requires that the person's legal name be used. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. WAB scores best on the Quality dimension, with a Quality rank ahead of 85.16% of US stocks. Broadridge can support the sale of your shares if they are held in DRS (no certificates) as part of a Dividend Reinvest Plan (DRIP), Employee Stock Purchase Plan (ESPP) or Direct Stock Purchase Plan (DSPP). GE also received approximately $2.9 billion in cash at closing. 617.443.3400, Deia Campanelli, GEdeia [dot] campanelli [at] ge [dot] com GE will designate for nomination three independent Board members. Is Wabtec Exposed To GE's Pension Woes? - SeekingAlpha Wabtec shareholders own approximately 50.8% of Wabtec on a fully diluted basis and GE shareholders own approximately 24.3% of Wabtec on a fully diluted basis. Transfer shares to your broker via the transfer process (see FAQ "Ownership Questions"). 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. We use cookies to ensure that we give you the best experience on our website. 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. Due to low participation, GE ended the Stock Redemption program on November 10, 2016 for GE Stock Direct Investors. Wabtec and GE Transportation will be combined in a transaction in which GE will (i) sell a portion of the assets of GE Transportation to Wabtec; (ii) complete the spin-off or split-off of a portion of GE Transportation to GE shareholders; and (iii) immediately thereafter merge GE Transportation with a wholly owned subsidiary of Wabtec. A replay will also be available at the same link after the event. Box 64854 That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. Investor FAQs | Wabtec Corporation Learn how were delivering on our priorities. Broadridge will send you the documents necessary to obtain replacement certificates along with instructions to complete them. Note that all shares held in a plan will be in DRS (book-entry) form. I couldnt find it on the web. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". Dividend Reinvest Plans (DRIP) and Direct Stock Purchase Plans (DSPP) are plans provided on behalf of corporations to simplify investment activity. Since GE Transportation is only expected to start to rebound from a cyclical low in 2018, even the EV/EBITDA multiple for 2019 is still likely to reflect cyclicallylow earnings. 412.825.1423, Transportation solutions that revolutionize the way the world moves. GE pays a dividend of $0.32 per share. Accomplished leaders building GEs legacy. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the relevant materials when filed with the SEC. When I sell or before? 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). Plus500. You will find the information under the "Plan Purchase Options" section of the website. These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. The company employs approximately 9,000 employees worldwide. Socials. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. How can I obtain a copy of my 1099?You may download and print a copy of a Broadridge issued 1099 by accessing your online account at investor.broadridge.com. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. I did review the discussion but it didn't help! Learn more about our culture, businesses, and life at GE. 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 to complete spin off of transportation unit on February 25 basis of Wabtec shares going forward. Wabtec and its affiliates do not provide tax, legal or accounting advice. The 23 analysts offering price forecasts for Wabtec have a median target . GE Transportation | GE News - General Electric Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. 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 . Effective immediately, Wabtec Chairman Albert J. Neupaver has been re-appointed executive chairman of the company, while Raymond T. Betler remains Wabtecs president and CEO. Patrick, I am not a tax expert and you should certainly ask one. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved.
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