MPI and WAB to merge
US railway equipment suppliers MotivePower Industries and Westinghouse Air Brake Company announced on June 3 that they had signed a definitive agreement to merge. Subject to regulatory and shareholder approval, the 'merger of equals' is expected to be completed by the third quarter of this year. WAB shareholders will receive 1·3 MPI shares for each of their own, giving them a 55% stake in the combined company, which will be known as MotivePower Industries. The Westinghouse Air Brake title will be kept as a division and product name.