G.E. Spins Off Railroad Business [The New York Times]
GE Aerospace (GE)
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Source: The New York Times
Image General Electric diesel locomotives at a manufacturing plant in Fort Worth. The company is spinning off its railroad business in an $11 billion deal. Credit Luke Sharrett/Bloomberg By Steve Lohr May 21, 2018 John Flannery took a step on Monday toward his goal of making General Electric a “simpler, leaner” company by spinning off its railroad business in a deal valued at roughly $11 billion. It is the first move to shed an entire business since Mr. Flannery became chief executive last August, vowing to streamline the struggling industrial conglomerate and improve its financial performance. G.E.’s railway business will be combined with the Wabtec Corporation, formerly known as the Westinghouse Air Brake Technologies Corporation. Wabtec, based in Wilmerding, Pa., makes equipment for mass-transit and freight railways. Wabtec had revenue last year of $3.9 billion. The G.E. unit is a leading manufacturer of locomotives for freight trains, and it had sales of $
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