diff --git a/Fable.sln b/Fable.sln
index 22807fb60f..e4b0b80b45 100644
--- a/Fable.sln
+++ b/Fable.sln
@@ -11,6 +11,18 @@ Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.AST", "src\Fable.AST\
 EndProject
 Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms", "src\Fable.Transforms\Fable.Transforms.fsproj", "{AC4FFF83-30BB-4DBA-9600-C19FA999E088}"
 EndProject
+Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms.Babel", "src\Fable.Transforms\Babel\Fable.Transforms.Babel.fsproj", "{A4F718DA-D12B-4AE2-B414-4FD653C83708}"
+EndProject
+Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms.Python", "src\Fable.Transforms\Python\Fable.Transforms.Python.fsproj", "{EAE72924-CE80-4D31-A80B-A1BA2D5777B4}"
+EndProject
+Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms.Rust", "src\Fable.Transforms\Rust\Fable.Transforms.Rust.fsproj", "{C695CEA9-F5EE-4EB1-BC29-24274CEB1A87}"
+EndProject
+Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms.Dart", "src\Fable.Transforms\Dart\Fable.Transforms.Dart.fsproj", "{4DC9427B-149E-45FA-9B13-2F2BFFF4D8C5}"
+EndProject
+Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms.Beam", "src\Fable.Transforms\Beam\Fable.Transforms.Beam.fsproj", "{80C65198-70A3-4E4E-B6E1-D516A4B0C9EE}"
+EndProject
+Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Transforms.Php", "src\Fable.Transforms\Php\Fable.Transforms.Php.fsproj", "{8D6AB302-7E3A-44CC-B3D9-47E0DF44C20F}"
+EndProject
 Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "Fable.Cli", "src\Fable.Cli\Fable.Cli.fsproj", "{964B545D-0EB2-485A-9D74-693D75DB3EDE}"
 EndProject
 Project("{6EC3EE1D-3C4E-46DD-8F32-0CC8E7565705}") = "QuickTest", "src\quicktest\QuickTest.fsproj", "{11F9359C-06BA-410A-AB1B-339B89222983}"
@@ -186,6 +198,30 @@ Global
 		{0818518D-5BAF-498E-B2E8-C3FA5EC3758D}.Debug|Any CPU.Build.0 = Debug|Any CPU
 		{0818518D-5BAF-498E-B2E8-C3FA5EC3758D}.Release|Any CPU.ActiveCfg = Release|Any CPU
 		{0818518D-5BAF-498E-B2E8-C3FA5EC3758D}.Release|Any CPU.Build.0 = Release|Any CPU
+		{A4F718DA-D12B-4AE2-B414-4FD653C83708}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{A4F718DA-D12B-4AE2-B414-4FD653C83708}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{A4F718DA-D12B-4AE2-B414-4FD653C83708}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{A4F718DA-D12B-4AE2-B414-4FD653C83708}.Release|Any CPU.Build.0 = Release|Any CPU
+		{EAE72924-CE80-4D31-A80B-A1BA2D5777B4}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{EAE72924-CE80-4D31-A80B-A1BA2D5777B4}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{EAE72924-CE80-4D31-A80B-A1BA2D5777B4}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{EAE72924-CE80-4D31-A80B-A1BA2D5777B4}.Release|Any CPU.Build.0 = Release|Any CPU
+		{C695CEA9-F5EE-4EB1-BC29-24274CEB1A87}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{C695CEA9-F5EE-4EB1-BC29-24274CEB1A87}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{C695CEA9-F5EE-4EB1-BC29-24274CEB1A87}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{C695CEA9-F5EE-4EB1-BC29-24274CEB1A87}.Release|Any CPU.Build.0 = Release|Any CPU
+		{4DC9427B-149E-45FA-9B13-2F2BFFF4D8C5}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{4DC9427B-149E-45FA-9B13-2F2BFFF4D8C5}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{4DC9427B-149E-45FA-9B13-2F2BFFF4D8C5}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{4DC9427B-149E-45FA-9B13-2F2BFFF4D8C5}.Release|Any CPU.Build.0 = Release|Any CPU
+		{80C65198-70A3-4E4E-B6E1-D516A4B0C9EE}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{80C65198-70A3-4E4E-B6E1-D516A4B0C9EE}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{80C65198-70A3-4E4E-B6E1-D516A4B0C9EE}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{80C65198-70A3-4E4E-B6E1-D516A4B0C9EE}.Release|Any CPU.Build.0 = Release|Any CPU
+		{8D6AB302-7E3A-44CC-B3D9-47E0DF44C20F}.Debug|Any CPU.ActiveCfg = Debug|Any CPU
+		{8D6AB302-7E3A-44CC-B3D9-47E0DF44C20F}.Debug|Any CPU.Build.0 = Debug|Any CPU
+		{8D6AB302-7E3A-44CC-B3D9-47E0DF44C20F}.Release|Any CPU.ActiveCfg = Release|Any CPU
+		{8D6AB302-7E3A-44CC-B3D9-47E0DF44C20F}.Release|Any CPU.Build.0 = Release|Any CPU
 	EndGlobalSection
 	GlobalSection(SolutionProperties) = preSolution
 		HideSolutionNode = FALSE
@@ -220,6 +256,12 @@ Global
 		{A68CF5C2-DAB1-451F-AA36-3C171C61D4F2} = {493A3959-758E-4D88-8E82-16680E70D282}
 		{C0AD4BF9-638A-43D0-AD46-AAC72C508B42} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
 		{0818518D-5BAF-498E-B2E8-C3FA5EC3758D} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
+		{A4F718DA-D12B-4AE2-B414-4FD653C83708} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
+		{EAE72924-CE80-4D31-A80B-A1BA2D5777B4} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
+		{C695CEA9-F5EE-4EB1-BC29-24274CEB1A87} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
+		{4DC9427B-149E-45FA-9B13-2F2BFFF4D8C5} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
+		{80C65198-70A3-4E4E-B6E1-D516A4B0C9EE} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
+		{8D6AB302-7E3A-44CC-B3D9-47E0DF44C20F} = {C8CB96CF-68A8-4083-A0F8-319275CF8097}
 	EndGlobalSection
 	GlobalSection(ExtensibilityGlobals) = postSolution
 		SolutionGuid = {58DF9285-8523-4EAC-B598-BE5B02A76A00}
diff --git a/src/Fable.Cli/Fable.Cli.fsproj b/src/Fable.Cli/Fable.Cli.fsproj
index 24d2a2a2f4..0cb02fc56f 100644
--- a/src/Fable.Cli/Fable.Cli.fsproj
+++ b/src/Fable.Cli/Fable.Cli.fsproj
@@ -37,6 +37,12 @@
   <ItemGroup>
     <ProjectReference Include="..\Fable.Compiler\Fable.Compiler.fsproj" />
     <ProjectReference Include="..\Fable.Transforms\Fable.Transforms.fsproj" />
+    <ProjectReference Include="..\Fable.Transforms\Babel\Fable.Transforms.Babel.fsproj" />
+    <ProjectReference Include="..\Fable.Transforms\Python\Fable.Transforms.Python.fsproj" />
+    <ProjectReference Include="..\Fable.Transforms\Rust\Fable.Transforms.Rust.fsproj" />
+    <ProjectReference Include="..\Fable.Transforms\Dart\Fable.Transforms.Dart.fsproj" />
+    <ProjectReference Include="..\Fable.Transforms\Beam\Fable.Transforms.Beam.fsproj" />
+    <ProjectReference Include="..\Fable.Transforms\Php\Fable.Transforms.Php.fsproj" />
     <Reference Include="../../lib/fcs/FSharp.Compiler.Service.dll" />
     <Reference Include="../../lib/fcs/FSharp.DependencyManager.Nuget.dll" />
     <Reference Include="../../lib/fcs/FSharp.Core.dll" />
diff --git a/src/Fable.Compiler/Fable.Compiler.fsproj b/src/Fable.Compiler/Fable.Compiler.fsproj
index d9bd5e166a..dc4b3432a5 100644
--- a/src/Fable.Compiler/Fable.Compiler.fsproj
+++ b/src/Fable.Compiler/Fable.Compiler.fsproj
@@ -25,6 +25,7 @@
     <ItemGroup>
         <ProjectReference Include="../Fable.AST/Fable.AST.fsproj" />
         <ProjectReference Include="../Fable.Transforms/Fable.Transforms.fsproj" PrivateAssets="all" />
+        <ProjectReference Include="../Fable.Transforms/Babel/Fable.Transforms.Babel.fsproj" PrivateAssets="all" />
     </ItemGroup>
 
     <ItemGroup>
@@ -50,6 +51,8 @@
         <None Include="$(OutputPath)FSharp.DependencyManager.Nuget.xml" Pack="true" PackagePath="lib/$(TargetFramework)" />
         <None Include="$(OutputPath)Fable.Transforms.dll" Pack="true" PackagePath="lib/$(TargetFramework)" />
         <None Include="$(OutputPath)Fable.Transforms.xml" Pack="true" PackagePath="lib/$(TargetFramework)" />
+        <None Include="$(OutputPath)Fable.Transforms.Babel.dll" Pack="true" PackagePath="lib/$(TargetFramework)" />
+        <None Include="$(OutputPath)Fable.Transforms.Babel.xml" Pack="true" PackagePath="lib/$(TargetFramework)" />
     </ItemGroup>
 
 </Project>
diff --git a/src/Fable.Transforms/Global/Babel.fs b/src/Fable.Transforms/Babel/Babel.fs
similarity index 100%
rename from src/Fable.Transforms/Global/Babel.fs
rename to src/Fable.Transforms/Babel/Babel.fs
diff --git a/src/Fable.Transforms/BabelPrinter.fs b/src/Fable.Transforms/Babel/BabelPrinter.fs
similarity index 100%
rename from src/Fable.Transforms/BabelPrinter.fs
rename to src/Fable.Transforms/Babel/BabelPrinter.fs
diff --git a/src/Fable.Transforms/Babel/Fable.Transforms.Babel.fsproj b/src/Fable.Transforms/Babel/Fable.Transforms.Babel.fsproj
new file mode 100644
index 0000000000..bd23527d51
--- /dev/null
+++ b/src/Fable.Transforms/Babel/Fable.Transforms.Babel.fsproj
@@ -0,0 +1,16 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project Sdk="Microsoft.NET.Sdk">
+  <ItemGroup>
+    <Compile Include="Babel.fs" />
+    <Compile Include="Fable2Babel.fs" />
+    <Compile Include="BabelPrinter.fs" />
+  </ItemGroup>
+  <ItemGroup>
+    <ProjectReference Include="../../Fable.AST/Fable.AST.fsproj" />
+    <ProjectReference Include="../Fable.Transforms.fsproj" />
+  </ItemGroup>
+  <ItemGroup>
+    <Reference Include="../../../lib/fcs/FSharp.Core.dll" />
+    <Reference Include="../../../lib/fcs/FSharp.Compiler.Service.dll" />
+  </ItemGroup>
+</Project>
diff --git a/src/Fable.Transforms/Fable2Babel.fs b/src/Fable.Transforms/Babel/Fable2Babel.fs
similarity index 100%
rename from src/Fable.Transforms/Fable2Babel.fs
rename to src/Fable.Transforms/Babel/Fable2Babel.fs
diff --git a/src/Fable.Transforms/Beam/Fable.Transforms.Beam.fsproj b/src/Fable.Transforms/Beam/Fable.Transforms.Beam.fsproj
new file mode 100644
index 0000000000..bfe935e890
--- /dev/null
+++ b/src/Fable.Transforms/Beam/Fable.Transforms.Beam.fsproj
@@ -0,0 +1,19 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project Sdk="Microsoft.NET.Sdk">
+  <ItemGroup>
+    <Compile Include="Prelude.fs" />
+    <Compile Include="Beam.AST.fs" />
+    <Compile Include="Fable2Beam.Util.fs" />
+    <Compile Include="Fable2Beam.Reflection.fs" />
+    <Compile Include="Fable2Beam.fs" />
+    <Compile Include="ErlangPrinter.fs" />
+  </ItemGroup>
+  <ItemGroup>
+    <ProjectReference Include="../../Fable.AST/Fable.AST.fsproj" />
+    <ProjectReference Include="../Fable.Transforms.fsproj" />
+  </ItemGroup>
+  <ItemGroup>
+    <Reference Include="../../../lib/fcs/FSharp.Core.dll" />
+    <Reference Include="../../../lib/fcs/FSharp.Compiler.Service.dll" />
+  </ItemGroup>
+</Project>
diff --git a/src/Fable.Transforms/Dart/Fable.Transforms.Dart.fsproj b/src/Fable.Transforms/Dart/Fable.Transforms.Dart.fsproj
new file mode 100644
index 0000000000..a73542232c
--- /dev/null
+++ b/src/Fable.Transforms/Dart/Fable.Transforms.Dart.fsproj
@@ -0,0 +1,16 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project Sdk="Microsoft.NET.Sdk">
+  <ItemGroup>
+    <Compile Include="Dart.fs" />
+    <Compile Include="Fable2Dart.fs" />
+    <Compile Include="DartPrinter.fs" />
+  </ItemGroup>
+  <ItemGroup>
+    <ProjectReference Include="../../Fable.AST/Fable.AST.fsproj" />
+    <ProjectReference Include="../Fable.Transforms.fsproj" />
+  </ItemGroup>
+  <ItemGroup>
+    <Reference Include="../../../lib/fcs/FSharp.Core.dll" />
+    <Reference Include="../../../lib/fcs/FSharp.Compiler.Service.dll" />
+  </ItemGroup>
+</Project>
diff --git a/src/Fable.Transforms/Directory.Build.props b/src/Fable.Transforms/Directory.Build.props
new file mode 100644
index 0000000000..b566c47ee0
--- /dev/null
+++ b/src/Fable.Transforms/Directory.Build.props
@@ -0,0 +1,10 @@
+<Project>
+    <Import Project="$([MSBuild]::GetPathOfFileAbove('Directory.Build.props', '$(MSBuildThisFileDirectory)../'))" />
+
+    <PropertyGroup>
+        <DisableImplicitFSharpCoreReference>true</DisableImplicitFSharpCoreReference>
+        <TargetFramework>netstandard2.0</TargetFramework>
+        <OtherFlags>$(OtherFlags) --nowarn:3536</OtherFlags>
+        <DebugType>embedded</DebugType>
+    </PropertyGroup>
+</Project>
diff --git a/src/Fable.Transforms/Fable.Transforms.fsproj b/src/Fable.Transforms/Fable.Transforms.fsproj
index 7eeec3c7e8..71fd50c0a8 100644
--- a/src/Fable.Transforms/Fable.Transforms.fsproj
+++ b/src/Fable.Transforms/Fable.Transforms.fsproj
@@ -1,13 +1,6 @@
 <?xml version="1.0" encoding="utf-8"?>
 <Project Sdk="Microsoft.NET.Sdk">
-  <PropertyGroup>
-    <DisableImplicitFSharpCoreReference>true</DisableImplicitFSharpCoreReference>
-    <TargetFramework>netstandard2.0</TargetFramework>
-    <OtherFlags>$(OtherFlags) --nowarn:3536</OtherFlags>
-    <DebugType>embedded</DebugType>
-  </PropertyGroup>
   <ItemGroup>
-    <Compile Include="Global/Babel.fs" />
     <Compile Include="Global/Fable.Core.fs" />
     <Compile Include="Global/Metadata.fs" />
     <Compile Include="Global/Prelude.fs" />
@@ -20,11 +13,10 @@
     <Compile Include="FSharp2Fable.Util.fs" />
     <Compile Include="ReplacementsInject.fs" />
     <Compile Include="Replacements.Util.fs" />
+    <Compile Include="Printer.fs" />
     <Compile Include="Python/Replacements.fs" />
     <Compile Include="Rust/Replacements.fs" />
     <Compile Include="Dart/Replacements.fs" />
-    <Compile Include="Beam/Prelude.fs" />
-    <Compile Include="Beam/Beam.AST.fs" />
     <Compile Include="Beam/Replacements.fs" />
     <Compile Include="Replacements.fs" />
     <Compile Include="Replacements.Api.fs" />
@@ -33,35 +25,10 @@
     <Compile Include="FSharp2Fable.fs" />
     <Compile Include="FableTransforms.fsi" />
     <Compile Include="FableTransforms.fs" />
-    <Compile Include="Fable2Babel.fs" />
-    <Compile Include="Printer.fs" />
-    <Compile Include="BabelPrinter.fs" />
-    <Compile Include="Python/Python.AST.fs" />
-    <Compile Include="Python/Fable2Python.Types.fs" />
-    <Compile Include="Python/Fable2Python.Util.fs" />
-    <Compile Include="Python/Fable2Python.Annotation.fs" />
-    <Compile Include="Python/Fable2Python.Bases.fs" />
-    <Compile Include="Python/Fable2Python.Reflection.fs" />
-    <Compile Include="Python/Fable2Python.Transforms.fs" />
-    <Compile Include="Python/PythonPrinter.fs" />
-    <Compile Include="Python/PythonCompiler.fs" />
-    <Compile Include="Beam/Fable2Beam.Util.fs" />
-    <Compile Include="Beam/Fable2Beam.Reflection.fs" />
-    <Compile Include="Beam/Fable2Beam.fs" />
-    <Compile Include="Beam/ErlangPrinter.fs" />
-    <Compile Include="Php/Php.fs" />
-    <Compile Include="Php/Fable2Php.fs" />
-    <Compile Include="Php/PhpPrinter.fs" />
-    <Compile Include="Dart/Dart.fs" />
-    <Compile Include="Dart/Fable2Dart.fs" />
-    <Compile Include="Dart/DartPrinter.fs" />
-    <Compile Include="Rust/RustPrinter.fs" />
-    <Compile Include="Rust/Fable2Rust.fs" />
     <Compile Include="State.fs" />
   </ItemGroup>
   <ItemGroup>
     <ProjectReference Include="../Fable.AST/Fable.AST.fsproj" />
-    <ProjectReference Include="Rust/AST/Rust.AST.fsproj" />
   </ItemGroup>
   <ItemGroup>
     <Reference Include="../../lib/fcs/FSharp.Core.dll" />
diff --git a/src/Fable.Transforms/Php/Fable.Transforms.Php.fsproj b/src/Fable.Transforms/Php/Fable.Transforms.Php.fsproj
new file mode 100644
index 0000000000..9709ab70aa
--- /dev/null
+++ b/src/Fable.Transforms/Php/Fable.Transforms.Php.fsproj
@@ -0,0 +1,16 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project Sdk="Microsoft.NET.Sdk">
+  <ItemGroup>
+    <Compile Include="Php.fs" />
+    <Compile Include="Fable2Php.fs" />
+    <Compile Include="PhpPrinter.fs" />
+  </ItemGroup>
+  <ItemGroup>
+    <ProjectReference Include="../../Fable.AST/Fable.AST.fsproj" />
+    <ProjectReference Include="../Fable.Transforms.fsproj" />
+  </ItemGroup>
+  <ItemGroup>
+    <Reference Include="../../../lib/fcs/FSharp.Core.dll" />
+    <Reference Include="../../../lib/fcs/FSharp.Compiler.Service.dll" />
+  </ItemGroup>
+</Project>
diff --git a/src/Fable.Transforms/Python/Fable.Transforms.Python.fsproj b/src/Fable.Transforms/Python/Fable.Transforms.Python.fsproj
new file mode 100644
index 0000000000..2b450469d2
--- /dev/null
+++ b/src/Fable.Transforms/Python/Fable.Transforms.Python.fsproj
@@ -0,0 +1,22 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project Sdk="Microsoft.NET.Sdk">
+  <ItemGroup>
+    <Compile Include="Python.AST.fs" />
+    <Compile Include="Fable2Python.Types.fs" />
+    <Compile Include="Fable2Python.Util.fs" />
+    <Compile Include="Fable2Python.Annotation.fs" />
+    <Compile Include="Fable2Python.Bases.fs" />
+    <Compile Include="Fable2Python.Reflection.fs" />
+    <Compile Include="Fable2Python.Transforms.fs" />
+    <Compile Include="PythonPrinter.fs" />
+    <Compile Include="PythonCompiler.fs" />
+  </ItemGroup>
+  <ItemGroup>
+    <ProjectReference Include="../../Fable.AST/Fable.AST.fsproj" />
+    <ProjectReference Include="../Fable.Transforms.fsproj" />
+  </ItemGroup>
+  <ItemGroup>
+    <Reference Include="../../../lib/fcs/FSharp.Core.dll" />
+    <Reference Include="../../../lib/fcs/FSharp.Compiler.Service.dll" />
+  </ItemGroup>
+</Project>
diff --git a/src/Fable.Transforms/Rust/AST/Rust.AST.fsproj b/src/Fable.Transforms/Rust/AST/Rust.AST.fsproj
index c392b0ac75..0e34c369b3 100644
--- a/src/Fable.Transforms/Rust/AST/Rust.AST.fsproj
+++ b/src/Fable.Transforms/Rust/AST/Rust.AST.fsproj
@@ -2,6 +2,9 @@
 
   <PropertyGroup>
     <TargetFramework>netstandard2.0</TargetFramework>
+    <!-- Opt out of Fable.Transforms/Directory.Build.props: this project uses the implicit/NuGet
+         FSharp.Core, not the vendored lib/fcs one the other Fable.Transforms.* projects use. -->
+    <DisableImplicitFSharpCoreReference>false</DisableImplicitFSharpCoreReference>
   </PropertyGroup>
 
   <ItemGroup>
diff --git a/src/Fable.Transforms/Rust/AST/Tests/Rust.AST.Tests.fsproj b/src/Fable.Transforms/Rust/AST/Tests/Rust.AST.Tests.fsproj
index 7ed1d2101a..c0f7148913 100644
--- a/src/Fable.Transforms/Rust/AST/Tests/Rust.AST.Tests.fsproj
+++ b/src/Fable.Transforms/Rust/AST/Tests/Rust.AST.Tests.fsproj
@@ -5,6 +5,9 @@
     <RollForward>Major</RollForward>
     <IsPackable>false</IsPackable>
     <GenerateProgramFile>false</GenerateProgramFile>
+    <!-- Opt out of Fable.Transforms/Directory.Build.props: this project uses the implicit/NuGet
+         FSharp.Core, not the vendored lib/fcs one the other Fable.Transforms.* projects use. -->
+    <DisableImplicitFSharpCoreReference>false</DisableImplicitFSharpCoreReference>
   </PropertyGroup>
 
   <ItemGroup>
diff --git a/src/Fable.Transforms/Rust/Fable.Transforms.Rust.fsproj b/src/Fable.Transforms/Rust/Fable.Transforms.Rust.fsproj
new file mode 100644
index 0000000000..05f1cff5fe
--- /dev/null
+++ b/src/Fable.Transforms/Rust/Fable.Transforms.Rust.fsproj
@@ -0,0 +1,16 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project Sdk="Microsoft.NET.Sdk">
+  <ItemGroup>
+    <Compile Include="RustPrinter.fs" />
+    <Compile Include="Fable2Rust.fs" />
+  </ItemGroup>
+  <ItemGroup>
+    <ProjectReference Include="../../Fable.AST/Fable.AST.fsproj" />
+    <ProjectReference Include="../Fable.Transforms.fsproj" />
+    <ProjectReference Include="AST/Rust.AST.fsproj" />
+  </ItemGroup>
+  <ItemGroup>
+    <Reference Include="../../../lib/fcs/FSharp.Core.dll" />
+    <Reference Include="../../../lib/fcs/FSharp.Compiler.Service.dll" />
+  </ItemGroup>
+</Project>
diff --git a/src/fable-standalone/src/Fable.Standalone.fsproj b/src/fable-standalone/src/Fable.Standalone.fsproj
index 9a672c8885..51485cc029 100644
--- a/src/fable-standalone/src/Fable.Standalone.fsproj
+++ b/src/fable-standalone/src/Fable.Standalone.fsproj
@@ -18,7 +18,7 @@
     <Compile Include="../../Fable.AST/Plugins.fs" />
 
     <!-- Fable.Transforms -->
-    <Compile Include="../../Fable.Transforms/Global/Babel.fs" />
+    <Compile Include="../../Fable.Transforms/Babel/Babel.fs" />
     <Compile Include="../../Fable.Transforms/Global/Fable.Core.fs" />
     <Compile Include="../../Fable.Transforms/Global/Metadata.fs" />
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@@ -42,9 +42,9 @@
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+    <Compile Include="../../Fable.Transforms/Babel/Fable2Babel.fs" />
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-    <Compile Include="../../Fable.Transforms/BabelPrinter.fs" />
+    <Compile Include="../../Fable.Transforms/Babel/BabelPrinter.fs" />
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     <Compile Include="../../Fable.Transforms/Python/PythonPrinter.fs" />
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