PINE TWP., Mercer Co., Pa. - Plans are in motion that would bring a new owner to Mercer County's second largest employer.

General Electric Transportation has announced an $11 billion dollar deal to combine with Wabtec Corporation, a global provider of equipment, systems, and services for transit and freight rail.

Included in the deal is GE Transportation's division which operates two plants manufacturing locomotives in Pine Township, Mercer County.

According to Pennsylvania's Department of Labor and Industry, General Electric is Mercer County's largest industrial employer, second only to Sharon Regional Health Systems in the number of employees.

The plants have been in operation near Grove City for more than 45 years.

Between 2011 and 2015, GE invested $130 million in the facilities in Grove City.

In 2015, GE called the Mercer County plant one of the biggest locomotive manufacturing sites in the world.

Under the deal, expected to be completed early next year, the company would be headquartered at Wabtec's current offices in Wilmerding, Pennsylvania, just outside Pittsburgh.

A joint media release from the companies says the combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software, and services, with operations in more than 50 countries.

Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company.

The transaction is expected to be tax-free to the companies' respective shareholders.