|
|
Article: WILL MERGE.(mergers and acquisitions)(Brief Article)
- Article from:
- Railway Age
- Article date:
- July 1, 1999
CopyrightCOPYRIGHT 1999 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
MotivePower Industries, Inc., and Westinghouse Air Brake Co. have agreed on a "merger of equals" that will create a company with nearly 7,500 employees and 50 manufacturing, distribution, and service facilities in North America, Europe, and Asia.
The MotivePower Industries name and New York Stock Exchange symbol (MPO) will be retained for the new company; Westinghouse Air Brake will survive as a division and product name.
MotivePower Industries reported net sales of $107.3 million and net income of $7.9 million in this year's first quarter. Westinghouse Air Brake's first quarter sales of $191.2 million produced net income of $11.9 million.
"We ...