WILMERDING, Pa., May 01, 2019 (GLOBE NEWSWIRE) -- Wabtec Corporation (NYSE: WAB) today announced the pricing of an underwritten secondary offering of 22,000,000 shares of Wabtec common stock at a public offering price of $73.50 by General Electric Company, as the sole selling stockholder. The offering is expected to close on or about May 6, 2019, subject to the satisfaction of customary closing conditions. The selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 3,300,000 shares. Wabtec will not receive any proceeds from the sale of the shares by the selling stockholder in this offering.
Morgan Stanley and Goldman Sachs & Co. LLC are acting as joint lead book-running managers. BofA Merrill Lynch and Citigroup are acting as joint book-running managers for the offering.
About Wabtec Corporation
Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. 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. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. 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). 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. Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine and industrial solutions. Wabtec has approximately 27,000 employees in facilities throughout the world.
