Wabtec Corporation (NYSE: WAB) (“Wabtec”) today announced the registration of 6,306,781 shares of Wabtec Stock by Issarts Captial, as the sole selling shareholder. The selling shareholder is an entity controlled by the family of Wabtec Board member Erwan Faiveley. The shares are being registered as contemplated by the Shareholders Agreement entered into between Wabtec and the Faiveley family as part of Wabtec’s acquisition of Faiveley Transportation in November 2016. Wabtec will not receive any proceeds from the sale of the shares.
Mr. Faiveley joined the Wabtec Board in 2016 and plans to continue as a Director. He provides significant leadership and active engagement with management as the Company implements its strategic plan to further strengthen its portfolio and increase value for customers, shareholder and employees. The shares will be sold as part of the Faiveley family’s long-term diversification strategy. Issarts owns approximately 6.3 million Wabtec shares, which represents approximately 3.3% of the Company’s outstanding capital stock. Issarts’ current intention is to sell up to one-half of this amount periodically over a three-year period.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The registration of the stock is being made under an automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”) on July 29, 2020.
About Wabtec Corporation
Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling the digital-rail-and-transit ecosystems. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). The transit portfolio provides highly engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort. Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine and industrial solutions. Visit: www.WabtecCorp.com