UP's CEO praises Wabtec-GE deal

RELATED TOPICS: UNION PACIFIC | SUPPLIERS | LOCOMOTIVES
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LanceFritz
Lance Fritz, Union Pacific CEO
Union Pacific website
NEW YORK — Lance Fritz is all for a merger between GE Transportation and Wabtec, the Union Pacific CEO tells the Wall Street Journal in an interview.

Fritz says it is important that GE, one of the largest and longest serving suppliers of locomotives to the North American rail industry, continues to serve that market.

He tells the Journal he was concerned about GE pulling away from the locomotive business and was glad when Wabtec agreed to a deal for the locomotive maker.

"Wabtec’s been in the industry a long time, they understand it, they’re committed to it,” Fritz says.

Wabtec and GE Corp. announced on Monday, May 21, that Wabtec and GE Transportation will merge. Wabtec, also known as Westinghouse Air Brake Technologies Corp., will pay GE $2.9 billion and receive 49.9 percent of the new company. GE shareholders will receive 40.2 percent, while GE Corp. will hold 9.9 percent of the new company, but must sell it within three years of sealing the deal.

More information is available from Trains News Wire.

NEWSWIRETrains News Wire

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