Wabtec, an American company formed by the merger of the Westinghouse Air Brake Company and MotivePower Industries, completed the acquisition of a majority stake in Faiveley Transport, a global provider of value-added, integrated systems and services for the railway industry, for €1.7bn. "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. The combination of two rail industry leaders creates compelling growth opportunities and synergies, and strengthens the diversity of our revenue base. We’re pleased to welcome the Faiveley family as long-term Wabtec shareholders with representation on our Board of Directors,” Albert J. Neupaver, Wabtec Executive Chairman.