Faiveley Transport : US Department of Justice approves the proposed combination of Faiveley Transport and Wabtec
US Department of Justice approves the proposed combination of Faiveley Transport and Wabtec
Gennevilliers, 26 October 2016
Faiveley Transport and Wabtec announced today that the U.S. Department of Justice (DOJ) has filed a proposed consent decree with the U.S. District Court in Washington, D.C. to approve their proposed combination.
The proposed consent decree by the Department of Justice (DOJ) is seeking court approval of a settlement resolving its concerns about the acquisition. The settlement is conditioned upon the sale of certain U.S. assets owned by Faiveley Transport, mainly its joint-venture with Amsted in freight brakes equipment. Annual revenues of assets to be divested amounted to about 55 million euros. Terms of the sale have already been agreed upon with the buyer and approved by the DOJ.
Completion of the proposed combination of Faiveley Transport and Wabtec remains subject to the European Commission's approval of the buyer of Faiveley Transport Gennevilliers, the sintered brake material company of Faiveley Transport. The acquisition of the Faiveley family stake by Wabtec is expected to occur in Q4 2016.
About Faiveley Transport
Faiveley Transport is a global supplier of high value added integrated systems for the railway industry. With more than 6,000 employees in 24 countries, Faiveley Transport generated sales of €1,105 million in the 2015/2016 financial year. The Group supplies manufacturers, operators and railway maintenance bodies worldwide with the most comprehensive range of systems in the market: Energy & Comfort (air conditioning systems, power collection and passenger information), Access & Mobility (passenger access systems and platform doors), Brakes & Safety (braking systems and couplers) and Services.
Faiveley Transport is listed on Euronext Paris and is a component of the CAC Allshare and CAC Mid & Small indices
Compartment A, ISIN: FR0000053142, Tickers: Bloomberg: LEY FP / Reuters: LEY.FP
About Wabtec Corporation:
Wabtec Corporation, with 2015 sales of about $3.3 billion, is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments. The company manufactures a range of products for locomotives, freight cars and passenger transit vehicles, new switcher and commuter locomotives and provides aftermarket services
Wabtec is listed on the New York Stock Exchange under the ticker "WAB". The company is a component of the S&P Mid-Cap 400.
Disclaimer:
This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause expected results to differ.
Although Faiveley Transport believes that its expectations and the information in this press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the expected results will be as set out in this press release.
Neither Faiveley Transport nor any other company within the Faiveley Transport Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the press release, and neither Faiveley Transport, any other company within the Faiveley Transport Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the press release.
The public tender offer planned by Wabtec will be submitted to examination and visa by the French Autorité des Marchés Financiers. Wabtec and Faiveley Transport will respectively establish a draft offer memorandum and a draft memorandum in response which will be available on their respective websites and that of the Autorité des Marchés Financiers.
Contacts :
Guillaume Bouhours Chief Financial Officer guillaume.bouhours@faiveleytransport.com
Charlotte Rougeron Group Communication charlotte.rougeron@faiveleytransport.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FAIVELEY Transport via GlobeNewswire
