Wabtec completes acquisition of majority stake in Faiveley Transport

first_imgINDUSTRY: ‘The acquisition of Faiveley Transport is an excellent strategic fit, expanding our geographic presence, broadening our product and service capabilities, and strengthening our technology and innovation initiatives’, said Wabtec Executive Chairman Albert J Neupaver on November 30, when the US-based group completed its purchase of the Faiveley family’s 51% stake in Faiveley Transport.’The combination of two rail industry leaders creates compelling growth opportunities and synergies, and strengthens the diversity of our revenue base’, he said. ‘We are pleased to welcome the Faiveley family as long-term Wabtec shareholders with representation on our board of directors.’The Faiveley family stake was acquired for US$212m in cash and 6·3 million shares of Wabtec common stock. Wabtec is to launch a tender offer for the remaining public shares in December and expects to complete it in early 2017. Faiveley Transport shareholders will have the option of receiving €100 or 1·1538 Wabtec common shares per share. The total purchase price for 100% of Faiveley Transport is US$1·7bn. The US$1·2bn cash portion will be funded from US$325m of cash on hand, the proceeds of a recent US$750m senior notes offering and the company’s existing revolving credit facility and term note.Wabtec President & CEO Raymond T Betler said the acquisition provided Wabtec with ‘many complementary products, a strong presence in the European and Asia Pacific transit industries, and solid relationships with blue-chip, global customers’.Wabtec expects the combined business to have revenues of US$4·2bn in 2017, and the transaction to be accretive to earnings per diluted share in 2017. It expects at least US$50m in annual synergies from the merger by year three, following restructuring and one-time costs. Wabtec’s Transit Group which is responsible for worldwide passenger-sector activities will operate under the Faiveley Transport brand, with its headquarters in Paris. Faiveley Transport Chairman & CEO Stéphane Rambaud-Measson becomes President & CEO of the Transit Group and a corporate Executive Vice-President, reporting to Betler. ‘The passenger transit business typically provides a steady flow of new projects and aftermarket growth opportunities, and we are well positioned in key global markets such as Europe and Asia Pacific’, said Rambaud-Measson.last_img read more

Weekly Update On Construction Projects On The Kenai Peninsula

first_imgSTERLING HIGHWAY REHABILITATION, SKILAK LAKE to STERLING ROAD CONSTRUCTION through OctoberDrivers should expect PILOT CAR operations and 15 to 20 minute DELAYS, Mondaythrough Sunday, 8:00pm to 8:00am for foaming and paving work.Crews will continue to work north from MP 67 and 69. Watch for flagging and PILOT CAR operations, with 5 to 10 minute DELAYS.STERLING HIGHWAY, MP 89.8 LEFT TURN LANESROAD CONSTRUCTION through OctoberWork is suspended through June and July and there will be no traffic restrictions during this time.Expect paving operations to begin in August.KENAI SPUR HIGHWAY REHABILITATION, SPORTS LAKE to SWIRES ROAD, PHASE I ROAD CONSTRUCTION through the seasonConstruction crews are working on the Kenai Spur Highway between MP 5 and 8.Drivers should expect LANE RESTRICTIONS, and ONE-LANE TRAFFIC with flagging and PILOT CAR operations.KALIFORNSKY BEACH ROAD MP 16 to 22.2, RESURFACING and SIGNALIZATIONROAD CONSTRUCTION through the seasonConstruction crews are working along the side of the road. Drivers please be aware of partially obstructed approaches.ATV users should be aware of construction crews and equipment.Drivers should be aware that the temporary signals are on a timer, not detection, so usual signal patterns have changed.STERLING HIGHWAY BELUGA LAKE DAM IMPROVEMENTSROAD CONSTRUCTION through mid-JulyThe area of impact for this construction is approximately a 1/2 mile, with guard rails on both sides of the highway.HOMER EAST END ROADROAD CONSTRUCTION through October FacebookTwitterEmailPrintFriendly分享The Department of Transportation has released it’s weekly road construction update for the projects currently taking place on the Kenai Peninsula.last_img read more

County approves plan to tackle homeless crisis

first_imgCounty Supervisor Zev Yaroslavsky said developers, investors, nonprofit organizations and some of the county’s 88 cities are interested in building permanent homes – not just shelters – for the homeless. The board’s vote sets in motion plans to provide health, mental health, drug and alcohol treatment, job training and other services to help homeless people get back on their feet once they move into new homes. “There will probably be housing to serve several thousand people,” Yaroslavsky said. “My mantra is we may have 80,000 to 90,000 homeless people – including 30,000 to 40,000 who are chronically homeless – but let’s not look at it that way. “Let’s just help one homeless person at a time. This is a pretty big step. What we have been trying to do is to have the cities and the county on the same page.” Villaraigosa spokesman Gil Duran said the city has been waiting for a commitment by the county to provide the necessary services at these facilities. Buoyed by momentum to help the nation’s largest homeless population, Los Angeles County supervisors gave initial approval Tuesday to providing an array of services designed to stabilize transients’ lives. The vote follows an announcement in March by Los Angeles Mayor Antonio Villaraigosa that he plans to spend $137 million to build 18 affordable-housing projects citywide. The funds are part of the more than $329 million recently allocated by the city and county to address the homeless crisis. Some of the money is now being spent and requests for proposals have been issued. “There is a whole movement of trying to develop more permanent housing in the county,” said Joel John Roberts, chief executive officer of Path Partners, a nonprofit housing development agency. “You have to have all these components in place before developers apply for funds to build the housing,” he said. The Union Rescue Mission is in the process of moving 225 homeless women and children from Skid Row to Hope Gardens, a transitional housing facility located above the San Fernando Valley. In another program, 106 homeless families on Skid Row have been enrolled in Beyond Shelter’s Housing First Project, which helps families obtain permanent, affordable housing. At Tuesday’s supervisors meeting, Michael Leighs, a public affairs specialist with LA Health Action – which seeks to improve the health of Angelenos – said research shows that placing homeless people in permanent supportive housing cuts their emergency room visits and incarceration rate in half. “We’ve been encouraged by the leadership already demonstrated by the county on homeless issues given the innovative prevention initiative,” Leighs said. “We believe that this motion will result in a more coordinated countywide effort, will integrate with municipal or city housing projects and will allow the county to take full advantage of the dollars it has allocated to combat homelessness.” Supervisor Don Knabe said the program is a “leap of faith” in terms of what its ultimate price tag will be. “I believe this type of housing will require a very significant infusion of county general funds to create and perhaps sustain this program over the long haul,” Knabe said. Meanwhile, PATH Ventures, a nonprofit housing development agency, has launched a plan to build 1,000 units of permanent affordable housing over the next five years. “Los Angeles needs housing developers who will bring innovation and entrepreneurship to address our housing crisis,” Los Angeles City Council President Eric Garcetti said. [email protected] (213) 974-8985160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more