General Electric is merging its transportation business with Wabtec Corporation in a $2.9 billion deal that has a local impact.
GE made the announcement Monday morning.
Wabtec currently owns Graham-White, a transportation solutions business in Salem.
In exchange for GE's transportation business, Wabtec paid GE about $2.9 billion in cash, and also offered stock shares. GE now has almost one-quarter of ownership of Wabtec.
For each approximately 186 shares of GE common stock held, a GE shareholder will receive one share of Wabtec common stock.