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.