Request that Broadridge facilitate the sale of your shares by completing the form attached to your account statement and returning it to Broadridge. If you hold certificates that you wish to transfer, please follow the steps below: Broadridge Corporate Issuer SolutionsP.O. There are many options when it comes to securities brokers, so make sure you are choosing one that will best suit your needs. 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. To listen via webcast, go to the existing Wabtec website at www.wabtec.com and click on Webcasts in the Investor Relations section. GE Announces Details for Anticipated Completion of Spin-Off and Access important shareholder information. Example: Mary Smith is preferred instead of M Smith. Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. The transaction is valued at approximately $11.1 billion.When adjusted for the net tax benefit of $1.1 billion accruing to the combined company, the transaction value is $10 billion. The company has roughly 18,000 employees and facilities located throughout the world. The letter of instruction must be accompanied by a Legal Transfer Form bearing the appropriate signature(s). A set of GE algorithms then crunches the information and flags potential problems to operators working at several mission-control-like centers located around the world. GE shareholders will directly own approximately 24.3% of Wabtec on a fully diluted basis and GE will own common stock and non-voting convertible preferred stock which together represent approximately a 24.9 percent economic interest in Wabtec on a fully diluted basis, up from the 9.9 percent stake that GE would have owned under the originally . The combination will bring together two global leaders in rail equipment, services and software, combining GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtecs broad range of freight, transit and electronics solutions. Please see attached notice for additional details. 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. Fax: 412-825-1019. 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.`. 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.. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. What is the tax basis for the WAB shares received by GE holders? 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. Solutions. Wabtec will host a call with analysts and investors at 8:30 a.m., ET today to discuss its 2018 results and 2019 guidance, and the merger. When adjusted for the net tax step-up value of $1.1 billion accruing to the combined company, the transaction value is $10 billion. Investors and security holders can also contact Wabtec at Wabtec Corporation, 1001 Air Brake Avenue, Wilmerding, PA 15148 or by calling 412-825-1543. Is it the same ($73.96) as the shares added on 2/25/19? Can all this be explained in normal peoples language. Confirm that Broadridge is the transfer agent - our namewill usually appear on your account statement. How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? This registration gives sole ownership to the single individual and requires that the person's legal name be used. Discover how our people & technology are solving global issues, improving lives, and changing industries. The backlog of approximately $18 billion includes about 1,800 new locomotives and approximately 1,000 to be modernized. 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). 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. 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. Wabtec Completes Successful Merger With GE Transportation Press Release (PDF). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). Explore the latest stories, news, downloads, and press tools. Improve utilization and accelerate path to automation: The seamless combination of GE Transportations digital solutions and analytics systems with Wabtecs electronic systems and Positive Train Control (PTC) capabilities, is expected to improve safety, efficiency and productivity across the transportation industry and accelerate railroads path to advanced train automation. DSPP Some companies offer DSPPs, so please visit your online account to determine if a plan is available to you. 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. GE's Latest Move Just Made Its Stock More Appealing Offering a suite of products to help unlock the full potential of additive manufacturing. Meanwhile, the structure of the deal is a nice way to return capital to GE shareholders. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Current Value % Return 33.32%. This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our. If investors fail to communicate regularly with GE, their state of residence can take their shares and, in many cases, sell them. Learn how were delivering on our priorities. I don't know exactly what they are saying, but I think this has to be entered as a dividend (non-stock?). At GE, we rise to the challenge of building a world that works. The costs associated with DSPPs may be higher or lower than the costs of using a broker. Pittsburgh, PA 15212 - USA Every state has this law, often referred to as Unclaimed Property. 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. Overview of General Electric Capital Corporation merger with and into GE. Stock Information | Wabtec Corporation Should one of the parties die, ownership of the shares passes to the surviving tenant(s). If you hold your shares in a brokerage account, the new shares will show up there. The recent restructuring of the deal provides GE with more cash, but it also left GE as the minority owner of the combined entity. GE Reverse Stock Split Frequently Asked Questions. 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%. WAB scores best on the Quality dimension, with a Quality rank ahead of 85.16% of US stocks. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Wabtec and GE Transportation to Merge, Creating Global Leader for Rail Equipment, Services and Software (PDF). An overhaul can lower the amount of fuel the locomotives need by 10 percent, increase reliability by 40 percent and boost their ability to haul cargo by 50 percent. I did review the discussion but it didn't help! As we previously reported, GE Transportation has a long history of innovation, stretching from the first electric locomotives to the first freight locomotive that meets the U.S. governments strictTier 4 emission standards. GE Completes Spin-off Of GE Transportation Into Wabtec - Insider We will keep you updated if there is a change. As a result, the merger is no longer structured as a Reverse Morris Trust and instead will be taxable to GE shareholders. GE shareholders will receive 24.9% of Wabtec stock. DRIPs offer shareholders the convenience of reinvesting dividends, minimizing the expense and effort associated with dividend checks. Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail. It is headquartered in Pittsburgh, Pennsylvania. General Electric Company confirms that all distributions made on General Electric Company Series D preferred stock in 2016 constitute dividends for purposes of related IRS Forms 1099-DIV and 1042-S reporting , consistent with the tax disclosure included with the prospectus published in connection with the issuance of these securities. GE also received approximately $2.9 billion in cash at closing. If you have lost your share certificates, we can help replace them, by following these steps: Broadridge Corporate Issuer SolutionsP.O. About Wabtec Corporation 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. There was no explanation as to why this was done. As per the terms of the transaction, GE distributed all 8.7 billion shares of common stock of Transportation Systems Holdings Inc. with respect to the shares of GE common stock outstanding as of the close of business on February 14, 2019 by means of a pro rata distribution, to complete the merger. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas. The letter from GE HR to retirees in the RSP was not clear at all. Wabtec is a leading supplier of critical components, locomotives, services, signaling and logistics systems and services to the global rail industry. 2023 Broadridge Financial Solutions, Inc. Example: Mary Smith & Barbara Smith Ten Com. Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. There are several custodial registrations possible. I expect 25 shares of the Wabtec stock based on my shares of GE, but I dont know when I will get them and how will they come to me. Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. I end up with 27 million+ shares of Wabtec which obviously isn't correct! 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. If you have not established an online account, you may follow the online instructions or contact us via the 800 number on your account statement or this site. Information regarding the directors and executive officers of GE is contained in GEs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 23, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 23, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 1, 2018 and certain of its Current Reports filed on Form 8-K. Information regarding the directors and executive officers of Wabtec is contained in Wabtecs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on April 5, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 26, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 which was filed with the SEC on May 4, 2018 and certain of its Current Reports filed on Form 8-K. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. An analyst with a more pessimistic approach would worry about continued deterioration in the power segment and therefore see the cash from Wabtec as small potatoes compared to what GE could need to realize its restructuring plans while maintaining its current dividend. However, GE is pre-funding its pension plan to the tune of $6 billion in 2018 by borrowing the same amount. Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics. Tune in or catch up on GEs latest investor events and reports. Some plans do require that investors own a minimum number of shares prior to participating in a plan. Fax: 412-825-1019. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. If you reviewed the discussion, you should understand the. 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. The strongest trend for WAB is in Quality, which has been heading up over the past 179 days. Offering a suite of products to help unlock the full potential of additive manufacturing. Contact information for general inquiries and feedback. Small shareholders will likely receive just cash in lieu of fractional shares and the odd exchange ratio could create orphaned positions and a period of forced selling. In a sense, GE is covering its 2018 dividend by borrowing money and relying on asset sales. Explore a timeline of GE technologies that have spurred transformation across the world. If you wish to move your shares from registered to beneficial ownership, Broadridge or your broker will help you do so. That should wipe out the cash received in the dividend. GE Reworks Wabtec Deal to Raise More Cash for Itself - WSJ Access the latest press releases, media contacts, and press tools. Wabtec and GE Transportation to Merge, Creating - Wabtec Corporation Shares have done quite well, resulting in higher earnings multiples awarded to the business, with the valuation getting quite full here. Buy the number of shares of WABTEC per step 1 at a per share price of $73.96. 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. Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. Note that all shares held in a plan will be in DRS (book-entry) form. Effective December 2, 2015, General Electric Capital Corporation (GECC) merged with and into GE (the "Merger") to assure compliance with debt covenants as GECC exits the assets planned for disposition. To best address the business needs of our rail customers, we offer a variety of products and services through our Freight and Transit segments. Tim WesleyTwesley [at] Wabtec [dot] comclass="spamspan" Valerie Clark 10/25/2022 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. Ultimately, GE agreed to unwind its ownership in the combined company (subject to certain limitations) over the next three years, but not in the 30 days immediately post close. Wabtec's existing shareholders could own 49.9% of the combined entity and contribute a $2.9 billion cash payment to GE. What are the more common types of security registrations? 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. The transaction is expected to be tax free to the companies' respective shareholders. Also, an audio replay of the call will be available by calling 412-317-0088 (passcode: 466#). 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. Were continuing to do all we can to support our customers and employees during this unprecedented time. Return calculations do not include reinvested cash dividends. Were continuing to do all we can to support our customers and employees during this unprecedented time. 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%. Change your elections by completing the form on your account statement and returning it to Broadridge. GE Announces Details for Anticipated Completion of Spin-Off and Wabtec reported a strong Q1, also forecasting robust growth for the year with record backlog. A registered shareholder is the owner of record on the books of the corporation, generally kept by the transfer agent. Additionally, a when issued market is expected to begin trading on or about February 14th. A culture of integrity, compliance, safety, and respect for human rights, while reducing our environmental footprint. DRIP - You may elect to have your dividends reinvested in any of the following ways: Make the selection via your online account. 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. Any idea how much and when it will show up? Sell any fractional share for whatever cash-in-lieu amount received. 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. Fortunately for Buffett, he did not buy common shares of GE stock. GE pays a dividend of $0.32 per share. Phone: 412-825-1000 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. Please use another web browser to access this website. 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 . Due to low participation, GE ended the Stock Redemption program on November 10, 2016 for GE Stock Direct Investors. Wabtec Completes Successful Merger With GE Transportation 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. 30 Isabella Street Microsoft is retiring and will no longer support Internet Explorer. I give up! 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. 412.825.1543, Matt Cribbins, GEmatthewg [dot] cribbins [at] ge [dot] com Access GEs recent and historic Annual Reports and accompanying materials. Deia Campanellideia [dot] campanelli [at] wabtec [dot] comclass="spamspan" $78.06, establishes the shareowners cost basis in Wabtec shares going forward. 412.825.1543, Transportation solutions that revolutionize the way the world moves. The 2019 EBITDA multiple range including synergies and tax benefits is approximately 9x, and the 2019 EBITDA multiple range excluding synergies and tax benefits is approximately 11.75x. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. Investor FAQs | Wabtec Corporation Wabtec, GE, expect to close locomotive maker deal by February - Trains Begin typing your search term above and press enter to search. The dividend is payable January 25, 2022 to shareholders of record at the close of business on December 21, 2021. Once you notify us of your certificate loss, we will initiate the process for you and then ask that you finalize the paperwork and submit the appropriate payment for processing. GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels.