General Electric reportedly discussing rail business sale to Wabtec


General Electric is in discussions to sell its rail business to Wabtec, according to multiple reports Friday.

Shares of Wabtec rose more than 6 percent in trading Friday.

The industrial conglomerate’s transportation business is valued at about $7 billion, with GE examining multiple ways to offload the division. CEO John Flannery has been looking to sell or spin-off more than $20 billion in assets since October. The conglomerate most recently announced plans for private equity firm Veritas Capital to acquire a GE health-care unit for $1.05 billion in cash.

Wabtec – an acronymization of Westinghouse Air Brake Technologies Corporation – is a manufacturer of locomotives, freight cars and other rail-related products. The company is based in Wilmerding, Pennsylvania.

General Electric and Wabtec did not immediately respond to CNBC requests for comment.

GE stock was up over 5 percent, rising earlier in the day when the company reported better than expected first quarter earnings.

This is breaking news. Please check back for updates.

Source link

Products You May Like

Articles You May Like

No recession until late 2020, so keep buying stocks, Credit Suisse says
Apple, Exxon, Chevron and GE all have this one thing in common
Wall Street regulations need a facelift, not a minor Dodd-Frank makeover
Shareholders are betting on the return of Destination Maternity
Tesla Model 3 falls short of Consumer Reports recommendation

Leave a Reply

Your email address will not be published. Required fields are marked *