Wabtec completes majority ownership of Faively Transport
The combination creates one of the world's largest public rail equipment companies, with revenues of about $4.2 billion and a presence in all key transit and freight rail markets worldwide.
Wabtec Corp. has acquired majority ownership of Faiveley Transport S.A., after completing the purchase of the Faiveley family’s stake, which represented about 51% of the company’s shares outstanding. Wabtec plans to launch a tender offer for the remaining public shares in December.
Faiveley Transport is a global provider of value-added, integrated systems and services for the railway industry with annual sales of about $1.2 billion.
The combination of Wabtec and Faiveley Transport creates one of the world’s leading rail equipment companies, with revenues of about $4.2 billion and a presence in all key transit and freight rail regions worldwide, according to a statement. Wabtec now expects to realize at least $50 million in annual pre-tax synergies from the combination by year three, and the transaction will be accretive to Wabtec’s earnings per diluted share in 2017.
Stéphane Rambaud-Measson, chairman of the Management Board and CEO of Faiveley Transport, has joined Wabtec as president/CEO of its Transit Group and as a corporate executive VP, reporting to Betler. Also, Philippe Alfroid and Erwan Faiveley were elected as new members of the Wabtec Board of Directors.
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