So if you are a GE shareholder, you should have a keen interest in the rationale for the deal because you will be owning stock in Wabtec.`. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Fax: 412-825-1019. 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. Socials. Transfer agents are obligated to ensure that such stamps appear on the transfer documents and are entitled to refuse a transfer of shares if a signature is not guaranteed with a stamp. 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? 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. I received the following email from GE Investor Relations. Hi All, I don't have a quicken account but was reading the comments looking for direction also myself. There was no explanation as to why this was done. GE Transportation Spinoff And Merger With Wabtec Set, GE Shareholders 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. Phone: 412-825-1000 Moreover, transportation is a highly cash-generative business for GE, and exiting it will trim FCF generation in the future. However, GE is pre-funding its pension plan to the tune of $6 billion in 2018 by borrowing the same amount. Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. 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. 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. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". Let's take a look at both sides of the story. Were continuing to do all we can to support our customers and employees during this unprecedented time. An analyst with a glass-half-full approach would see the deal as progress on GE's restructuring plans and note that the cash flow will give the company more leeway to restructure the power segment before a bounce-back in total FCF generation in 2019. At GE, we rise to the challenge of building a world that works. Wabtec will now have 50.8%, up 0.9%. We connect capital to infrastructure and deliver innovative financial solutions that help make the world work better. For example: Mary Jones Tr U/A dtd 4/15/98 The Mary Jones Trust FBO Mary Jones. 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. 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. When adjusted for the net tax step-up value of $1.1 billion accruing to the combined company, the transaction value is $10 billion. 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). These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. GE will not be filing Form 8937 because Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. Some plans do require that investors own a minimum number of shares prior to participating in a plan. GE to merge transportation unit with Wabtec in $11.1 billion deal GENERAL ELECTRICs dividend is lower than the US industry average of 1.84%, and it is lower than the US market average of 3.4%. TRANSACTION DETAILS What are analysts forecasts for Wabtec stock? Offering a suite of products to help unlock the full potential of additive manufacturing. Confirm that Broadridge is the transfer agent - our name will usually appear on the certificate. How should shares for transfer be mailed to Broadridge? The letter from GE HR to retirees in the RSP was not clear at all. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS. 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 strategic combination of complementary portfolios is expected to: Create a leading equipment, aftermarket services and digital solutions provider across the transportation sector: The company can accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency and competitiveness. Stay up to date with the latest resources for the planned spin-offs. Access GEs recent and historic Annual Reports and accompanying materials. Stay up to date with the latest resources for the planned spin-offs. Explore the latest stories, news, downloads, and press tools. Contact information for general inquiries and feedback. Access the latest press releases, media contacts, and press tools. Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. We use cookies to ensure that we give you the best experience on our website. To view a copy of the presentation that will be discussed during the call, click on the Press Releases tab under About Us and click on the press release titled Wabtec and GE Transportation to Merge. The presentation will be included at the end of the press release on the website. To view documents for private transactions, please log into the password-protected Website, Issuers Determination and Communication of traded on an established securities market Status and Issue Price of Newly Issued Debt, Notice to Holders of certain medium-term notes issued by Subsidiaries of the General Electric Company. DSPPs offer investors the opportunity to buy shares directly from the corporation, via the transfer agent, often without involving a broker. You should get the shares on the distribution date, February 25th. Dividend Reinvest Plans (DRIP) and Direct Stock Purchase Plans (DSPP) are plans provided on behalf of corporations to simplify investment activity. Goldman, Sachs & Co., LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction. 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. On 2/25/19 GE spun off its transportation business to Wabtec, producing .005371 share of Wabtec for each share of GE. I have read everything here and see that $73.96 per share is used to record the buying of the Wabtec shares and that is the closing price on Feb 26, 2019. New and overhauled GE locomotives come laden with sensors monitoring between 50 and 250 parameters, including vibrations, engine temperature, voltage and pressure. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. 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. GE Transportation has received $3.6 billion in orders in the last two quarters. GE Announces Details for Anticipated Completion of Spin-Off and Pittsburgh, PA 15212 - USA The backlog of approximately $18 billion includes about 1,800 new locomotives and approximately 1,000 to be modernized. That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). 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. Furthermore, the transaction will facilitate a tax step-up with an NPV of approximately $1.1 billion of net tax benefit accruing to the combined company. Your corporation you own stock in may also support a stock sale plan. Box 1342 Brentwood, NY 11717 Phone:1-877-830-4936 Fax:215-553-5402 shareholder@broadridge.com. Receives 9.9% of shares in new Wabtec and $2.9 billion in cash. 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%. At GE, we are committed to building a more diverse workforce and a more inclusive workplace. GE Reverse Stock Split Frequently Asked Questions. In short, GE needs cash, and many investors may have preferred a deal with a higher cash component rather than the one outlined above. If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. Westinghouse Air Brake Technologies has received a consensus rating of Buy. 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. Investors and security holders can also contact Wabtec at Wabtec Corporation, 1001 Air Brake Avenue, Wilmerding, PA 15148 or by calling 412-825-1543. How Much Will Wabtec Stock Jump After February 25? - SeekingAlpha General Electric Is Getting Ready to Fire On all Cylinders, Why General Electric Stock Aced an 8% Gain Thursday, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks, Why I Refuse to Chase the Maximum Social Security Benefit, Social Security Cuts May Be Coming. According to the current price, Wabtec is 90.56% away from the 52-week high. 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.. Discover how our people & technology are solving global issues, improving lives, and changing industries. The S-4 SEC filing amended sometime like 1/25/19 seems to support that taxable change. According to the earlier terms, General Electric's shareholders were to get 40.2% with 9.9% going to GE. Answers to popular and relevant inquiries. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I am certainly no expert in how index membership decisions are made, but its worth watching. This communication is not a solicitation of a proxy from any investor or security holder. As you can see below, existing shareholders will be rewarded with stock, as well as future cash flow and dividends from the new Wabtec. Wabtec is a leading supplier of critical components, locomotives, services, signaling and logistics systems and services to the global rail industry. 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. 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. Management has already told investors to expect earnings and, by implication, cash flow to be at the lower end of 2018 guidance -- its most recent guidance implies a $500 million cut in power segment profit, which will be hard to make up elsewhere. There are many options when it comes to securities brokers, so make sure you are choosing one that will best suit your needs. Box 64854 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. Original Value. The foregoing list of important factors is not exclusive. Wabtec expects to benefit from the cyclical tailwinds the industry saw in 2018, including volume growth of 38 million carloads and intermodal units. Multiply your number of GE shares on 2/25/19 by 0.005371. Request that Broadridge facilitate the sale of your shares by completing the form attached to your account statement and returning it to Broadridge. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. Were continuing to do all we can to support our customers and employees during this unprecedented time. Company mailings, including dividends, will reach you through your broker. I typically enter the cash-in-lieu transaction as a sell and consider the small capital gain as taxable. 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. Instead, he bought preferred shares, which paid an annual dividend yield of 10%. In some cases additional documents will be required to complete the transfer. 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. Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. Current Value % Return 33.32%. Accomplished leaders building GEs legacy. 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.. GE Transportation Spinoff And Merger With Wabtec Set, GE Shareholders Wont See Much In Their Portfolios, set to close the restructured merger agreement for its transportation business, After Failed Sale, Arconic Plans Spinoff, But Not Quite Sure Of What It Will Spin Off. 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. Neither GE nor Wabtec undertakes any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. 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.
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