GE Will Offload One Of Its Oldest Businesses In New CEO's Biggest Deal

General Electric (GE) will merge one of its oldest businesses with Wabtec (WAB) in an $11.1 billion deal as the industrial giant accelerates plans to put itself back on the rails.

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The agreement to unload the century-old GE Transportation unit, jointly announced by GE and Pennsylvania-based Wabtec Monday, is the biggest yet under CEO John Flannery.

The new chief has vowed since taking over to unload $20 billion in assets to raise cash for turning the troubled conglomerate around. The...

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