U.S. Markets closed

[$$] GE Transportation Workers Go on Strike Under New Owner

More than a thousand workers went on strike Tuesday at a former General Electric Co. locomotive plant in Erie, Pa., a day after the operation was acquired by rival Wabtec Corp. The union, representing 1,700 workers, said it wasn’t able to reach a labor contract with Wabtec in negotiations that stretched into early morning. GE agreed last year to merge its railroad business with Wabtec in a deal valued at roughly $11 billion, enabling GE to raise cash to fund its turnaround and shed one of its oldest operations.