CHICAGO, Jan. 7 /PRNewswire-FirstCall/ -- GATX Rail today announced the
purchase and lease-back of 1,176 modern, high-capacity, plastic pellet covered
hopper railcars. The cars are deployed under a long-term lease arrangement to
Equistar Chemicals, LP of Houston, TX. Equistar is a joint venture between
Lyondell Chemical Company (NYSE: LYO) and Millennium Chemicals, Inc.
(NYSE: MCH).
"We are excited to expand our relationship with Equistar through this
transaction," said David M. Edwards, President and CEO of GATX Rail. "We
pride ourselves on strong and lasting relationships with our customers,
working closely to provide the right equipment, financing and service
solutions to meet their competitive business needs. This transaction is a
great example of our focus on customer service - we provided Equistar with a
financing alternative that met their needs, while we capitalized on an
opportunity to expand our fleet through the acquisition of quality rail
assets."
Ed Dineen, Senior Vice President of Equistar said, "We are pleased to
continue working closely with GATX Rail. This transaction exemplifies how two
companies, both leaders in their respective industries, can establish a win-
win relationship."
GATX Rail is one of the world's leading rail car lessors, with an interest
in over 165,000 cars. This acquisition expands GATX Rail's North American
covered hopper fleet to approximately 27,000 cars.
Equistar Chemicals, LP is one of the world's largest producers of
ethylene, propylene and polyethylene and a leading producer of ethylene oxide,
ethylene glycol, specialty polymers, wire and cable resins, and polyolefin
powders.
COMPANY DESCRIPTION
GATX Rail is a division of GATX Financial Corporation, a wholly owned
subsidiary of GATX Corporation (NYSE: GMT). GATX Corporation (NYSE: GMT) is a
specialized finance and leasing company combining asset knowledge and
services, structuring expertise, partnering and risk capital to serve
customers and partners worldwide. GATX specializes in railcar and locomotive
leasing, aircraft operating leasing, and information technology leasing.
Investor, corporate, financial, historical financial, photographic and
news release information may be found at http://www.gatx.com .
SOURCE GATX Corporation
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Related links:
http://www.gatx.com
CONTACT:
Analysts & Investors, Robert C. Lyons,
+1-312-621-6633, or Rhonda S. Johnson, +1-415-955-3211, both of
GATX Corporation
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