Does Wabtec own GE Locomotive Division now?
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Yes they did. GE sold a portion of GE Transportation to Wabtec and spun-off a portion to shareholders.
GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis.
The combined company, which is expected to have revenues of more than $8 billion in 2019, has approximately 27,000 employees in 50 countries. It is based in Wilmerding, Pennsylvania.
Anyone know how profitable the locomotive business was for GE?
mark s posted:Anyone know how profitable the locomotive business was for GE?
One would think that only GE would know that. Just like General Motors never releases information pertaining to individual divisions' "profitability".
That said, one would think that if the locomotive business, i.e. the Transportation Division, was pretty profitable, then GE would not have sold it.
One would think that. The heck of it is (now, this is said as one who has not followed GE very closely, but observed from the sidelines) much of GE's financial difficulties come from the GE's financial side, not the industrial side. Much of which undergirded Jack Welch's "heroic" performance. Turned out, it was all a house of cards.
From what analysts have said about GE over the years, the transportation division, which included things like locomotives and Jet engines among other things, did pretty well, GE's decision to sell off that branch wasn't it wasn't profitable, it is a combination of things, they needed the cash, and they had decided to focus more on the financial side of things. Just as an FYI, there is a report out that I saw on CNBC this morning, where a guy who helped break the Madoff mess among other things, has issued a report accusing GE of massive financial fraud, to the tune of like 39 billion dollars, that among other things they hid massive losses in the long term care business they got into..in that light, it may have been GE trying to get out from behind a big hole that led them to selling assets.
According to whistle blowing...hey railroad lingo neat...oh, GE may not have been truthful about how profitable it's rail division really was 
"Kid" : read about that, too. Perhaps GE needs to sell assets with real/"hard" value to bail out the financial side, which is a basket of worthless paper?
The above cited (by BIGKID) analyst said that GE is insolvent and the industrial units have a working capital deficit of negative $20B. Whoa ! Watch out below!
mark s posted:One would think that. The heck of it is (now, this is said as one who has not followed GE very closely, but observed from the sidelines) much of GE's financial difficulties come from the GE's financial side, not the industrial side. Much of which undergirded Jack Welch's "heroic" performance. Turned out, it was all a house of cards.
That's what happened to Westinghouse Electric! How ironic is it that George Westinghouse's other company was the white knight for GE, which was founded by Thomas Edison and Westinghouse was his chief rival.
Bill (retired Westinghouse employee)
GE put the brakes on WABTEC stock? 
There is not now, and never has been, anything wrong with GE Transportation regarding its financial reporting. GE's problems originated with Jack Welch's desire to turn General Electric into a bank.
What we have been reading about GE deals more with false numbers in their insurance division...that has been the big news...which overshadows any news about Transportation.
A trip north through Grove City, PA, yesterday, 8/16/19, The engine rebuild business has grown, IMO. There were more buildings that use to be other businesses, that had GE signs.
Part of the rebuild business may be the advent of Tier 4 emission standards. New, new much more expensive, and may be more difficult to maintain, and operate, with higher emission standards. Fix the old, almost seems like farm heritage. IMO, Mike CT. I believe the feds have a time limit on rebuilds, I could be wrong and often.
I am surprised the Railroads have not changing fuel to CNG.
Dominic Mazoch posted:I am surprised the Railroads have not changing fuel to CNG.
What with the current price of diesel fuel so low, why bother with the increased expense?
I know that the GE EVO's now on Florida East Coast are equipped for burning CNG.
Might be LNG, not CNG.....
WftTrains posted:mark s posted:One would think that. The heck of it is (now, this is said as one who has not followed GE very closely, but observed from the sidelines) much of GE's financial difficulties come from the GE's financial side, not the industrial side. Much of which undergirded Jack Welch's "heroic" performance. Turned out, it was all a house of cards.
That's what happened to Westinghouse Electric! How ironic is it that George Westinghouse's other company was the white knight for GE, which was founded by Thomas Edison and Westinghouse was his chief rival.
Bill (retired Westinghouse employee)
George, a proponent of AC was right, Thomas, a proponent of DC was wrong when it came to: “Which is the best choice for the long distance transmission of electricity, AC or DC?”. It’s not surprising that Tesla left Menlo Park to work for George as his understanding of electricity was analogous to Ramanujan’s understanding of mathematics.
PRR 5841 posted:WftTrains posted:mark s posted:One would think that. The heck of it is (now, this is said as one who has not followed GE very closely, but observed from the sidelines) much of GE's financial difficulties come from the GE's financial side, not the industrial side. Much of which undergirded Jack Welch's "heroic" performance. Turned out, it was all a house of cards.
That's what happened to Westinghouse Electric! How ironic is it that George Westinghouse's other company was the white knight for GE, which was founded by Thomas Edison and Westinghouse was his chief rival.
Bill (retired Westinghouse employee)
George, a proponent of AC was right, Thomas, a proponent of DC was wrong when it came to: “Which is the best choice for the long distance transmission of electricity, AC or DC?”. It’s not surprising that Tesla left Menlo Park to work for George as his understanding of electricity was analogous to Ramanujan’s understanding of mathematics.
But yet Edison gets all the credit for developing the electric power business even though he opposed Alternating Current which was the only way to achieve lower electricity costs through long-distance transmission of electricity from large efficient power generating stations.
Bill
Hello MIKE CT, I wanted to let you know that Grove City, PA. GE facilities build New engines for GE locomotives now, and have for many years. I don't think they rebuild engines there any more, but could be wrong on that. I live 11 miles from Grove City and am very familiar with the area. Tried unsuccessfully to be employed by GE. Also have worked for Cooper-Bessemer in the past, where I developed an interest in large engines, but this was long after the rights to the Cooper-Bessemer's FDL engine were sold to GE. Most of my career pre-retirement was on the railroad, however. If you should need confirmation about GE, Google is your friend...Ask "where does GE build the engines for their locomotives?" Just thought you might like to know, and have a great day.
I think the refesh, rebuilds are done in Cowtown, er, Ft. Worth....
I think thete is one thing interrsting with AC current. To make the current work, one has to use imaginary numbers. That is the square root of negative one.
The GE Transportation Grove City plant was increased in size by 95% a few years ago to handle the rebuild engine business. AT THIS TIME, all GE diesel engines for the world are built in Grove City, PA. (GE Transportation has ten assembly sites around the world to meet local manufacture and alternate source requirements. Ft. Worth is currently building all domestic EVO's.) I believe that an engine plant is in process in India.
The GE Transportation Division included locomotives, jet engines, and transit. I know Wabtec got locomotives and did not get jet engines. What happened to the Transit part of the company?
Erie's General Electric's Transportation Division did NOT include jet engines. That GE branch was in Evandale, outside of Cincy.
