Wabtec Corp., the Wilmerding-based rail products manufacturer, will merge with the transportation division of General Electric in a deal worth $10 billion.

The transaction announced Monday calls for GE (NYSE: GE) to receive $2.9 billion in cash, plus GE and its shareholders will have 50.1 percent ownership in the company. Wabtec shareholders will have 49.9 percent ownership. It’s expected to be a tax-free deal.

The top two executives in the merged Wabtec will be Executive Chairman Albert J. Neupaver, who has been chairman and was a former CEO of Wabtec, and President and CEO Raymond T. Betler, who holds the same titles for Wabtec. Stéphane Rambaud-Measson, who joined Wabtec with its Faiveley acquisition, will become president and CEO of Wabtec Transit. Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtec’s Freight.
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