Close

Wabtec (WAB) Takes Majority Stake in Faiveley Transport; FY16 Outlook Updated, FY17 Guidance Announced

Go back to Wabtec (WAB) Takes Majority Stake in Faiveley Transport; FY16 Outlook Updated, FY17 Guidance Announced

Wabtec Acquires Majority Ownership Of Faiveley Transport; Updates 2016 Guidance, Provides 2017 Preliminary Information

December 1, 2016 12:01 AM EST

WILMERDING, Pa., Dec. 01, 2016 (GLOBE NEWSWIRE) -- Wabtec Corporation (NYSE: WAB) has acquired majority ownership of Faiveley Transport S.A. (Euronext Paris: LEY), after completing the purchase of the Faiveley familys stake, which represented about 51% of the companys shares outstanding. Wabtec plans to launch a tender offer for the remaining public shares in December.

Faiveley Transport is a leading global provider of value-added, integrated systems and services for the railway industry with annual sales of about $1.2 billion. 

Albert J. Neupaver, executive chairman of Wabtec, said: The acquisition of... More