GE revamp picks up pace with $11.1B Wabtec rail deal

GENERAL ELECTRIC CO. has agreed to merge its locomotive business with Wabtec Corp. in a deal valued at $11.1 billion. /BLOOMBERG FILE PHOTO/LUKE SHARRETT
GENERAL ELECTRIC CO. has agreed to merge its locomotive business with Wabtec Corp. in a deal valued at $11.1 billion. /BLOOMBERG FILE PHOTO/LUKE SHARRETT
NEW YORK - General Electric Co. CEO John Flannery is taking the biggest step yet in his plan to revitalize the beleaguered manufacturer, agreeing to merge its century-old locomotive business with Wabtec Corp. in a deal valued at $11.1 billion. GE and its shareholders will own 50.1 percent of the combined operations, distancing the company from…

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