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. You will find the information under the "Plan Purchase Options" section of the website. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. Fax: 412-825-1019. Thank you. 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. Locomotive; Freight Car; Freight Services; On August 5, 2014, GE completed the initial public offering (IPO) of its North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. 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. Access GEs recent and historic Annual Reports and accompanying materials. 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. Voices is a network for GEs US supporters interested in the companys impact in their communities and in issues that impact the company. Combining GE Transportations constant monitoring of messages from 17,000 locomotives with monitoring of Wabtecs passenger and shunter locomotives can make for a smarter, more efficient and safer transportation system. Overview of General Electric Capital Corporation merger with and into GE. Current Value % Return 33.32%. 412.825.1543, Matt Cribbins, GEmatthewg [dot] cribbins [at] ge [dot] com I couldnt find it on the web. 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. DSPP Some companies offer DSPPs, so please visit your online account to determine if a plan is available to you. If the stock issuer supports these stock options, you may deposit your certificated share(s) into the DRS Book Entry form or Plan form in order to sell through Broadridge. It is based in Wilmerding, Pennsylvania. At GE, we are committed to building a more diverse workforce and a more inclusive workplace. If you want to sell your shares of GE stock, please contact GEs current transfer agent, Equiniti Trust Company (EQ). GE shareholders will receive 24.9% of Wabtec stock. The S-4 SEC filing amended sometime like 1/25/19 seems to support that taxable change. Your corporation you own stock in may also support a stock sale plan. If investors fail to communicate regularly with GE, their state of residence can take their shares and, in many cases, sell them. Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. However Schwab has used Feb 25, 2019 of $76.96 (actually $76.955) calculated with the High of $80.46 + Low of $73.45 = $153.91 and divide by 2 which = $76.955 I have not spoken yet to Schwab nor to my Investment advisor. Any forward-looking statements speak only as of the date of this communication. Making the world smarter, happier, and richer. 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. These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. DRIPs offer shareholders the convenience of reinvesting dividends, minimizing the expense and effort associated with dividend checks. Socials. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . Payment months are February, May, August, November. Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction. Hope this helps. GE pays a dividend of $0.32 per share. Wabtec expects to benefit from the cyclical tailwinds the industry saw in 2018, including volume growth of 38 million carloads and intermodal units. 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. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. The respective NYSE tickers will be GE WI and WAB WI. Contact information for general inquiries and feedback. In a nutshell, you could look at this deal as a kind of near-term "reward" for long-suffering GE shareholders, as GE's management is returning capital from GE Transportation via stock in the new Wabtec. Wabtec and its affiliates do not provide tax, legal or accounting advice. 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. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from the transaction; (2) uncertainty of the expected financial performance of the combined company following completion of the transaction; (3) failure to realize the anticipated benefits of the transaction, including as a result of integrating GE Transportation into Wabtec; (4) the ability of the combined company to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies of the combined company; (6) inability to retain and hire key personnel; (7) the risk that shareholder litigation in connection with the transaction or other settlements or investigations may result in significant costs of defense, indemnification and liability; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, industry consolidation, and changes in the financial condition or operating strategies of our customers; (10) changes in the expected timing of projects; (11) a decrease in freight or passenger rail traffic; (12) an increase in manufacturing costs; (13) actions by third parties, including government agencies; and (14) other risk factors as detailed from time to time in Wabtecs reports filed with the SEC, including Wabtecs annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. Also, an audio replay of the call will be available by calling 412-317-0088 (passcode: 466#). 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. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. If you hold certificates that you wish to transfer, please follow the steps below: Broadridge Corporate Issuer SolutionsP.O. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Change your elections by completing the form on your account statement and returning it to Broadridge. What are "street name shares" or "beneficial shares"? Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Wabtec's management certainly thinks it got a great deal. For the fiscal year ending December 31, 2017, Wabtec generated approximately 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). Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. 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.. Explore a career with us. Fortunately for Buffett, he did not buy common shares of GE stock. When will I have to pay taxes on the stocks. Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. The letter of instruction must be accompanied by a Legal Transfer Form bearing the appropriate signature(s). I received the following email from GE Investor Relations. Generate growth opportunities through the extensive installed base and attractive global footprint: The combined company will be a leading global freight and transit rail provider with more than 23,000 locomotives in its global installed base and content on virtually all locomotives and freight cars in North America, creating significant opportunities for aftermarket parts and services in key regions around the world. Wabtec has obtained full commitments for a $2.9 billion bridge facility and expects to put in place permanent debt financing prior to closing. A custodial registration requires the names of the custodian and the beneficial owner. Transfer shares to your broker via the transfer process (see FAQ "Ownership Questions"). This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. 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. Pittsburgh, PA 15212 - USA Box 1342Brentwood, NY 11717. What's more, the deal has been structured in a tax-efficient manner. 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. What are the 12 general lab safety rules. Include any additional instructions indicating how you wish the shares to be transferred. The foregoing list of important factors is not exclusive. The influx of $2.9 billion in cash from Wabtec won't impress the bears much. You're right, I reversed the figures and corrected my original post. Multiply the number of WABTEC shares received by $73.96. DSPPs offer investors the opportunity to buy shares directly from the corporation, via the transfer agent, often without involving a broker. The companys average rating score is 2.71, and is based on 5 buy ratings, 2 hold ratings, and no sell ratings. $78.06, establishes the shareowners cost basis in Wabtec shares going forward. I wrote to GE investor relations and received the below response, hope this is helpful, 'The inclusion of the per share dividend amount in income, which is The company has roughly 18,000 employees and facilities located throughout the world. Learn More. 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. 30 Isabella Street Creating the energy technologies of the future and improving the power networks that we depend on today. 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. The transaction is expected to close in early 2019, subject to customary closing conditions, approval by Wabtec shareholders, and regulatory approvals. Second, it's worth noting that Wabtec is merging with GE Transportation at a cyclical low point. 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. Voices is a network for GEs US supporters interested in the companys impact in their communities and in issues that impact the company. 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. What are the more common types of security registrations? How can I sell my shares that are held in certificate form? Example: Mary Smith is preferred instead of M Smith. We connect capital to infrastructure and deliver innovative financial solutions that help make the world work better. The company also builds new switchers locomotives used to move cars around in railyards and commuter locomotives. Stay up to date with the latest resources for the planned spin-offs. Pittsburgh, PA 15212 - USA Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. To make the world smarter, happier, and richer. 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.. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. Can all this be explained in normal peoples language. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. There are several custodial registrations possible. The deal was agreed upon in May 2018. 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. 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). You will find the information under the "Dividend Payment Options" section of the website. Hi All, I don't have a quicken account but was reading the comments looking for direction also myself. Access the latest press releases, media contacts, and press tools. 2023 Wabtec Corporation. Begin typing your search term above and press enter to search. 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. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. Access the latest press releases, media contacts, and press tools. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. For important information about securities laws and forward-looking statements involving this transaction, please click here. On July 12, 2017, Wells Fargo Bank N.A. 773.297.0482, Rich Stimel, Wabtecrstimel [at] wabtec [dot] com Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. As a small GE stock owner (roughly 100 shares), I assume I will get cash in my brokerage account. Tim WesleyTwesley [at] Wabtec [dot] comclass="spamspan" Learn how were delivering on our priorities. GE shares rose 2.8 percent to $15.39. Wabtec is a leading supplier of critical components, locomotives, services, signaling and logistics systems and services to the global rail industry. Notification via fax to: (215) 553-5402; attention Lost Securities Dept. 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. Were continuing to do all we can to support our customers and employees during this unprecedented time. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. What is the per share cost basis for the partial share? 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. 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 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. Access important shareholder information. Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. It also provides aftermarket services. Read the latest GE financial news releases and stories. Deliver improved customer outcomes through expanded monitoring and services: Together, the combined company will have an expanded footprint of skilled technicians and repair shops that will result in a simpler customer interface and a more streamlined services experience. Wabtec manufactures products for locomotives, freight cars and passenger transit vehicles, and builds new locomotives up to 6,000 horsepower (4 MW). To sell shares that are held in a plan, please refer to the FAQ section on "Stock and Dividend Plans. 40.2% of the combined entity will go to GE shareholders and 9.9% retained by GE. Creating the energy technologies of the future and improving the power networks that we depend on today. Wabtec does not undertake 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. 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 company employs approximately 9,000 employees worldwide. Otherwise, if your shares are not part of such plans, you must take your certificate(s) to a securities broker to sell the shares. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. As a result, the merger is no longer structured as a Reverse Morris Trust and instead will be taxable to GE shareholders. Securities held in a brokerage account, and registered in the name of the broker or other institution, are referred to as being in "street name" or "beneficial shares." The deal to merge GE transportation withWestinghouse Air Brake Technologies(WAB -0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders. 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 . You can also access the link by going to www.wabtec.com and clicking on the Webcasts tab in the Investor section. 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. Discover how our people & technology are solving global issues, improving lives, and changing industries. The letter from GE HR to retirees in the RSP was not clear at all. Note that sales are subject to a fee of $10 per transaction plus $0.15 per share sold. Securities and Exchange Commission (SEC) regulations define the financial institutions that are eligible to provide such signature guarantees, e.g., commercial banks, brokers, credit unions, savings and loan institution. IMPORTANT: You must be able to provide the name of the security, the certificate number(s), the name of the registered owner(s), and the number of shares in all communications. Include any additional instructions indicating how you wish the shares to be transferred. *Average returns of all recommendations since inception. GE plans to sell . 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. I'm looking for someone to tell me how! ADDITIONAL INFORMATION AND WHERE TO FIND IT. 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. 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. 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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). Based on Wabtec share price of $83.79 on 19-Apr-2018, the last unaffected trading day prior to media speculation regarding a potential transaction, and Wabtec fully diluted share count. Invest better with The Motley Fool. $1.1 billion of net tax benefit will accrue to the combined company. 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 . You should receive your 1099 by mid-February. 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. Caution Concerning Forward-Looking Statements According to the earlier terms, General Electric's shareholders were to get 40.2% with 9.9% going to GE. If you hold your shares in a brokerage account, the new shares will show up there. Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. A replay will also be available at the same link after the event. Wabtec and GE Transportation to Merge, Creating Global Leader for Rail Equipment, Services and Software (PDF). Example: Mary Smith & Barbara Smith Ten Com. Make the selection by filling out the form on your account statement and returning it to Broadridge. Those shares were also convertible, meaning Buffett could choose to convert them to common shares. In completion of the sale of Shareowner Services on February 1, 2018, its business and operations, the transfer agent appointment has been transferred to Equiniti Trust Company (EQ). GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. GE Transportations innovations help customers deliver goods and services with greater speed and savings using advanced manufacturing techniques and connected machines. Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. 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. For example: Mary Smith Cust Don Smith NY Unif Trans Min Act. The strongest trend for WAB is in Quality, which has been heading up over the past 179 days. The transaction is expected to be tax free to the companies' respective shareholders. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). I failed. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). Were continuing to do all we can to support our customers and employees during this unprecedented time. On May 21, 2018, GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal, completed on February 25, 2019, that saw Wabtec shareholders take a 50.8% shareholding in the merged . ", Broadridge Corporate Issuer Solutions P.O. Let's start by breaking out who will own what after the merger. Notice to holders of General Electric Company Series D preferred stock. Registered shareholders receive dividends, proxies and other communications directly from the corporation via the transfer agent or the corporation directly. The Uniform Commercial Code (UCC) entitles transfer agents and corporate issuers to receive signature guarantees to protect them against fraudulent and unauthorized transfers. Wells Fargo Shareowner Services (Shareowner Services), a division of Wells Fargo Bank N.A., has served as the transfer agent & registrar for GE. You should get the shares on the distribution date, February 25th. Were deeply proud of GE employees around the world rising to the challenge.