How do I transfer my stock and retain as registered shares? Lee Samaha has no position in any of the stocks mentioned. GEs transfer agent, EQ Shareowner Services, sponsors and administers a Shareowner Services Plus Plan that provides methods of purchasing, holding and selling shares in GE stock. GE Reworks Wabtec Deal to Raise More Cash for Itself - WSJ GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. To listen via webcast, go to the existing Wabtec website at www.wabtec.com and click on Webcasts in the Investor Relations section. Are they held somewhere or will I get actual stock certificates mailed to me? Original Shares. Is Wabtec Exposed To GE's Pension Woes? - SeekingAlpha Your corporation you own stock in may also support a stock sale plan. GE will designate for nomination three independent Board members. Changing plan electionsYou may change your plan investment decisions by taking the following steps: Selling shares held in a planYou may sell shares held in a plan by taking one of the following steps: When will I receive my 1099?Form 1099s are typically mailed or sent electronically in January according to IRS guidelines. In short, GE needs cash, and many investors may have preferred a deal with a higher cash component rather than the one outlined above. Were deeply proud of GE employees around the world rising to the challenge. Together, we can expand our global reach, strengthen our market capabilities and lead digital innovation across the transportation industry. Next Stop, Wabtec: GE Completes Spin-Off And Merger Of Its Box 1342 Brentwood, NY 11717 Phone:1-877-830-4936 Fax:215-553-5402 shareholder@broadridge.com. Wabtec has approximately 27,000 employees in facilities throughout the world. Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. We were told we will retain the same number of GE share units, but that their value will change. When I sell or before? Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. Instead, he bought preferred shares, which paid an annual dividend yield of 10%. Were deeply proud of GE employees around the world rising to the challenge. Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS. Split Adjustment 1. Rafael Santana, who served as president and CEO of GE Transportation and is now president and CEO of Wabtecs Freight segment, said: Our shared focus on innovation, collaboration and continuous improvement will enable us to unlock new value for our shareholders, customers, employees and the industry. You will find the information under the "Dividend Payment Options" section of the website. The company unveiled the Tier 4 locomotive a few years ago. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. 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. If the stock issuer supports these stock options, you may deposit your certificated share(s) into the DRS Book Entry form or Plan form in order to sell through Broadridge. $1.1 billion of net tax benefit will accrue to the combined company. GE's transportation unit to merge with Wabtec in a deal valued at $11.1 That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. Contact information for general inquiries and feedback. Begin typing your search term above and press enter to search. Effective December 2, 2015, General Electric Capital Corporation (GECC) merged with and into GE (the "Merger") to assure compliance with debt covenants as GECC exits the assets planned for disposition. How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. Our energy expertise spans from renewable wind energy to emission-reducing natural gas, as well as physical and digital solutions to modernize the grid connecting it all. This will offer shareholders a chance to sell their GE shares but retain their Wabtec interests or alternatively sell their Wabtec interest and retain their GE shares. We will keep you updated if there is a change. 617.443.3400, Deia Campanelli, GEdeia [dot] campanelli [at] ge [dot] com 2023-03 GE SCF Investor Report (PDF, 180 KB), 2022-12 GE SCF Investor Report (PDF, 70 KB), 2022-09 GE SCF Investor Report (PDF, 71 KB), 2022-06 GE SCF Investor Report (PDF, 182KB), 2022-03 GE SCF Investor Report (PDF, 182KB), 2021-12 GE SCF Investor Report (PDF, 182KB), 2021-09 GE SCF Investor Report (PDF, 181KB), 2021-06 GE SCF Investor Report (PDF, 71KB), 2021-03 GE SCF Investor Report (PDF, 79KB), 2020-12 GE SCF Investor Report (PDF, 64KB), 2020-09 GE SCF Investor Report (PDF, 72KB), 2020-06 GE SCF Investor Report (PDF, 72KB), 2020-03 GE SCF Investor Report (PDF, 79KB), 2019-12 GE SCF Investor Report (PDF, 380KB), 2019-09 GE SCF Investor Report (PDF, 383KB), 2019-06 GE SCF Investor Report (PDF, 369KB), 2019-03 GE SCF Investor Report (PDF, 353KB), 2018-12 GE SCF Investor Report (PDF, 59KB), 2018-09 GE SCF Investor Report (PDF, 88KB), 2018-06 GE SCF Investor Report (PDF, 88KB), 2018-03 GE SCF Investor Report (PDF, 88KB), 2017-12 GE SCF Investor Report (PDF, 87KB), 2017-09 GE SCF Investor Report (PDF, 35KB), 2017-06 GE SCF Investor Report (PDF, 160KB), 2017-03 GE SCF Investor Report (PDF, 160KB), 2016-12 GE SCF Investor Report (PDF, 160KB), 2016-09 GE SCF Investor Report (PDF, 155KB), 2016-06 GE SCF Investor Report (PDF, 160KB), 2016-03 GE SCF Investor Report (PDF, 160KB), 2015-12 GE SCF Investor Report (PDF, 159KB), 2015-09 GE SCF Investor Report (PDF, 159KB), 2015-06 GE SCF Investor Report (PDF, 175KB), 2015-03 GE SCF Investor Report (PDF, 154KB), 2014-12 GE SCF Investor Report (PDF, 158KB), 2014-09 GE SCF Investor Report (PDF, 159KB), 2014-06 GE SCF Investor Report (PDF, 161KB), 2012-12 GE SCF Investor Report (PDF, 155.0KB), 2012-09 GE SCF Investor Report (PDF, 155.0KB), 2012-06 GE SCF Investor Report (PDF, 155.0KB), 2012-03 GE SCF Investor Report (PDF, 156.0KB), 2011-12 GE SCF Investor Report (PDF, 154KB), 2011-09 GE SCF Investor Report (PDF, 156.0KB), 2011-06 GE SCF Investor Report (PDF, 157.0KB), 2011-03 GE SCF Investor Report (PDF, 100.0KB), 2010-12 GE SCF Investor Report (PDF, 101.0KB), 2010-09 GE SCF Investor Report (PDF, 100.0KB), 2010-06 GE SCF Investor Report (PDF, 101.0KB), 2010-03 GE SCF Investor Report (PDF, 101.0KB), 2009-12 GE SCF Investor Report (PDF, 101.0KB), 2009-09 GE SCF Investor Report (PDF, 98.8KB), CAUTION CONCERNING FORWARD LOOKING STATEMENTS. The recent restructuring of the deal provides GE with more cash, but it also left GE as the minority owner of the combined entity. Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. Cost basis and return based on previous market day close. The combined company has a multi-year backlog of more than $23 billion. The combined company, which is expected to have revenues of more than $8 billion in 2019, has approximately 27,000 employees in 50 countries. 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. Visit the companys new website at: www.WabtecCorp.com. Our energy expertise spans from renewable wind energy to emission-reducing natural gas, as well as physical and digital solutions to modernize the grid connecting it all. To make the world smarter, happier, and richer. Is Renewable Energy the Key to General Electric's Future? GE encourages investors to visit these websites from time to time, as information is updated and new information is posted. Locomotive; Freight Car; Freight Services; Explore a timeline of GE technologies that have spurred transformation across the world. What is the tax basis for the WAB shares received by GE holders? According to the earlier terms, General Electric's shareholders were to get 40.2% with 9.9% going to GE. What's more, the deal has been structured in a tax-efficient manner. However, it will do little to appease dyed-in-the-wool bears worried about the sustainability of the company's dividend and restructuring prospects. At GE, we rise to the challenge of building a world that works. Wabtec's management certainly thinks it got a great deal. GE Transportation is positioned for a substantial rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. The company also builds new switcher and commuter locomotives, and provides aftermarket services. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". Once you notify us of your certificate loss, we will initiate the process for you and then ask that you finalize the paperwork and submit the appropriate payment for processing. A set of GE algorithms then crunches the information and flags potential problems to operators working at several mission-control-like centers located around the world. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. We are seeing growth in rail traffic and recent promising orders for new and modernized locomotives from North American Class I, Shortlines and international railroads, and are confident in the compelling long-term opportunities and synergies before us.. If you wish to move your shares from registered to beneficial ownership, Broadridge or your broker will help you do so. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. I am certainly no expert in how index membership decisions are made, but its worth watching. https://www.sec.gov/Archives/edgar/data/943452/000114036119001550/s002443x10_s4a.htm, https://www.quicken.com/support/how-do-i-record-corporate-spin-new-securities, https://www.sec.gov/Archives/edgar/data/40545/000119312518172907/d591170d8k.htm, https://globenewswire.com/news-release/2019/01/25/1705540/0/en/Wabtec-and-GE-Modify-Terms-of-Transaction-Expect-to-Close-By-End-of-February-2019.html, Div from GE @ $0.397239/GE share (0.005371 * 73.96), Buy (0.005371 * GE Share Quantity) shares of Wabtec for that whole dividend amount. GEs annual dividend yield is 0.42%. Hope this helps. How Much Will Wabtec Stock Jump After February 25? - SeekingAlpha So far I still have 18.395 shares in my Vanguard brokerage account. A custodial registration requires the names of the custodian and the beneficial owner. These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. Wabtec is currently in the S&P Midcap 400 index, but its current pre-merger market cap is already above many S&P 500 constituents. As we previously reported, GE Transportation has a long history of innovation, stretching from the first electric locomotives to the first freight locomotive that meets the U.S. governments strictTier 4 emission standards. Plus500. I couldnt find it on the web. The costs associated with DSPPs may be higher or lower than the costs of using a broker. When does Wabtec pay dividends? The deal was agreed upon in May 2018. The ex-dividend date is December 20, 2021. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec. (RTTNews) - General Electric Co. (GE) on Monday announced the completion of the spin-off and subsequent merger of its transportation business with Wabtec Corp. The date of record for the transaction is February 14th and GE shareholders as of that date will receive ~0.005403 shares of Wabtec for each GE common share owned. Strong free cash flow to enable rapid debt reduction, maintain Wabtecs quarterly dividend and preserve investment grade credit rating. This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. Your broker will ask for some basic information about your account, including: Your account number (obtain from your statement or online account), The number of shares you wish to transfer, Whether you hold your shares in DRS (book-entry) or certificate form. Management has already told investors to expect earnings and, by implication, cash flow to be at the lower end of 2018 guidance -- its most recent guidance implies a $500 million cut in power segment profit, which will be hard to make up elsewhere. On August 5, 2014, GE completed the initial public offering (IPO) of its North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business. If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. Ithas also expanded heavily into software and thelucrative business of locomotive upgrades. The influx of $2.9 billion in cash from Wabtec won't impress the bears much. The foregoing list of important factors is not exclusive. You can access your account information from our secure website by clicking on the Shareholder Login link, where you can view and manage the following: Use our Plan Wizard to make your initial investment. Wabtec has also been notified that it will now be included in the S&P 500 Index. DRIPs offer shareholders the convenience of reinvesting dividends, minimizing the expense and effort associated with dividend checks. Any forward-looking statements speak only as of the date of this communication. Accomplished leaders building GEs legacy. For example: Mary Smith Cust Don Smith NY Unif Trans Min Act. Access GEs recent and historic Annual Reports and accompanying materials. All told, it looks like a good deal for Wabtec. GE Transportations innovations help customers deliver goods and services with greater speed and savings using advanced manufacturing techniques and connected machines. Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. By embracing diverse teams and perspectives, we are better equipped to build a world that works. There are many options when it comes to securities brokers, so make sure you are choosing one that will best suit your needs. Combining GE Transportations constant monitoring of messages from 17,000 locomotives with monitoring of Wabtecs passenger and shunter locomotives can make for a smarter, more efficient and safer transportation system. Create a leading equipment, aftermarket services, and digital solutions provider across the transportation ecosystem: From factory to final destination and every point in-between the combined company will have the capabilities to accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency, and competitiveness. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Access the latest press releases, media contacts, and press tools. 30 Isabella Street Stated another way, for each approximately 186 shares of GE common stock held, a GE shareholder will receive one share of Wabtec common stock. Please use another web browser to access this website. WILMERDING, Pa. and CHICAGO, May 21, 2018 Wabtec Corporation (NYSE: WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE: GE). Invest better with The Motley Fool. GE Transportation helps move the world and improve the world, as a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. In the transaction, GE received about $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an. Buy the number of shares of WABTEC per step 1 at a per share price of $73.96. ADDITIONAL INFORMATION AND WHERE TO FIND IT. Confirm that Broadridge is the transfer agent - our name will usually appear on the certificate. Sell the fractional share by the per share selling price determined by Step 5. I still have not spoken to Schwab nor my Investment Advisor however I see that Schwab has changed the cost basis to $78.06 for buying Wabtec shares which is the Close on 2/25/19 (instead of the average of the high & Low for that day). GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. Our teams have made significant progress in integration planning, and this process has only strengthened our confidence in the value creation potential of the combination. Equiniti Trust Company Phone: 1-800-786-2543 (toll free) or 1-651-450-4064 Website: Shareowneronline.com Regular Mail Delivery: EQ Shareowner Services P.O. Please use another web browser to access this website. GE has decided to merge GE Transportation with Wabtec. For example, GE Transportation is expected to deliver around 300 locomotives in 2018; that compares with an average of around 670 over the last decade. Broadridge can support the sale of your shares if they are held in DRS (no certificates) as part of a Dividend Reinvest Plan (DRIP), Employee Stock Purchase Plan (ESPP) or Direct Stock Purchase Plan (DSPP). The combination will bring together two global leaders in rail equipment, services and software, combining GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtecs broad range of freight, transit and electronics solutions. How can I obtain a copy of my 1099?You may download and print a copy of a Broadridge issued 1099 by accessing your online account at investor.broadridge.com. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, AND OTHER DOCUMENTS FILED BY GE, WABTEC OR SPINCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Disappointingly, they seem unwilling to take any action to get the incorrect tax treatment of the GE-WAB action corrected. This information does not constitute tax advice. I typically enter the cash-in-lieu transaction as a sell and consider the small capital gain as taxable. Box 1342Brentwood, NY 11717. Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics. 2023 Wabtec Corporation. Wabtec Completes Successful Merger With GE Transportation Press Release (PDF). Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. 30 Isabella Street At GE, we are committed to building a more diverse workforce and a more inclusive workplace. On December 2, 2015, as part of the GE Debt Assumption and as a result of the Merger, GE succeeded to GECC and assumed the obligations of GECC under all of GECC's outstanding indebtedness and other financial obligations, including: Commercial paper is short-term unsecured senior debt issued in the open market by both financial and nonfinancial companies with strong credit ratings. Let's start by breaking out who will own what after the merger. The foregoing list of important factors is not exclusive. Shareholder Services | General Electric This fee structure was not changed as part of the switch to, Avoid Losing Your Shares to the State as Unclaimed Property. $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin). Original Value. Change your elections by completing the form on your account statement and returning it to Broadridge. Divide the Cash in Lieu by the fractional number of shares received as determined in step 1. Make the selection by filling out the form on your account statement and returning it to Broadridge. Example: Mary Smith & Barbara Smith Ten Com. Registered shareholders receive dividends, proxies and other communications directly from the corporation via the transfer agent or the corporation directly. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Our two companies have more than 250 years of rail industry heritage, and our shared focus on safety, reliability, quality, and customer relationships will enable a smooth integration., Santana said: The combination of our two strong brands and remarkable people is an excellent fit that will create an organization well-positioned to accelerate the future of transportation. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. If you do not have this information, you should call our Lost Securities Department at the 800 number on this site. The company merged with GE Transportation on February 25, 2019. An overhaul can lower the amount of fuel the locomotives need by 10 percent, increase reliability by 40 percent and boost their ability to haul cargo by 50 percent. Wabtec reported a strong Q1, also forecasting robust growth for the year with record backlog. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. 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. If not, it would represent a missed opportunity to possibly bring in some more much-needed cash. To view a copy of the presentation that will be discussed during the call, click on the Press Releases tab under About Us and click on the press release titled Wabtec and GE Transportation to Merge. The presentation will be included at the end of the press release on the website. Wells Fargo Shareowner Services (Shareowner Services), a division of Wells Fargo Bank N.A., has served as the transfer agent & registrar for GE. An analyst with a more pessimistic approach would worry about continued deterioration in the power segment and therefore see the cash from Wabtec as small potatoes compared to what GE could need to realize its restructuring plans while maintaining its current dividend. GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft with a global service network to support these offerings. It is based in Wilmerding, Pennsylvania. Drive increased value for shareholders: Investors are expected to benefit from ownership of a stronger, more diverse business better positioned to perform through the cycle, with expanded margins, expected average double-digit EPS growth and synergies of about $250 million. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words may, will, should, potential, intend, expect, endeavor, seek, anticipate, estimate, overestimate, underestimate, believe, could, project, predict, continue, target or other similar words or expressions. When adjusted for the net tax step-up value of $1.1 billion accruing to the combined company, the transaction value is $10 billion. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. You're right, I reversed the figures and corrected my original post. Learn More. GE plans to sell . Raymond T. Betler, Wabtecs president and CEO, said: We are very excited to complete the merger of our two companies. GE's innovation engine where ideas become reality to create a better world and deliver differentiated tech across the company's industrial portfolio. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Should one of the parties die, ownership of the shares passes to the surviving tenant(s). The transaction is expected to be tax free to the companies' respective shareholders. You can also buy GE stock through brokerage firms that act as a facilitator between individual investors and GE. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). We connect capital to infrastructure and deliver innovative financial solutions that help make the world work better.