GE to Merge Rail Division With Wabtec in $11 Billion Deal

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GE to Merge Rail Division With Wabtec in $11 Billion Deal

General Electric Co. agreed to merge its railroad business with Wabtec Corp. in a deal valued at roughly $11 billion, letting GE raise some cash to fund its turnaround and shed one of its oldest operations.

The transaction is the first major portfolio move in new GE Chief Executive John Flannery’s attempt to revamp the struggling industrial conglomerate. The CEO is in the midst of a strategic review that could result in other units being separated, in what would amount to a breakup of the company.

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