CHICAGO, March 1 /PRNewswire/ -- GATX Corporation (NYSE: GMT) today
announced that it completed the sale of the majority of GATX Terminals
Corporation's domestic operations to Kinder Morgan Energy Partners, L.P.
(NYSE: KMP). This sale incorporates GATX Terminals' domestic terminaling
operations and the Central Florida Pipeline Company. The sale of GATX's
CalNev Pipeline to Kinder Morgan will follow upon the receipt of certain
regulatory approvals.
The purchase price for GATX Terminals' total domestic operations was $1.15
billion, including approximately $1.0 billion in cash plus the assumption of
external debt and certain liabilities. Approximately $800 million of the
purchase price was realized in conjunction with today's closing, including
approximately $620 million in cash plus the assumption of debt and other
liabilities. The remainder of the purchase price will be realized upon
closing of the CalNev Pipeline sale.
GATX Corporation also announced that it has closed sales of substantially
all of GATX Terminals' European operations. The company has completed the
sale of GATX Terminals Antwerpen N.V., a wholly-owned terminal operation based
in Antwerp, to Oiltanking GmbH. The company has also completed the sale of
its 50% interest in Terminales Portuarieas, S.A. ("TEPSA") to its partner,
Petrofrance Chemie S.A. Total gross proceeds from the sale of the entire
European network will approach $100 million.
Ronald H. Zech, chairman of GATX Corporation, stated, "We are very pleased
that the GATX Terminals sale process is progressing as planned. In each case,
we have realized substantial value for GATX shareholders while concluding
transactions with leading companies that are positioned to expand GATX
Terminals' operations. We are working closely with Kinder Morgan to close the
final piece of the domestic transaction, and then we will focus our full
effort on the sale of the Asian operations."
COMPANY DESCRIPTION
GATX Corporation (NYSE: GMT) is a unique finance and leasing company
combining asset knowledge and services, structuring expertise, creative
partnering and risk capital to serve customers and partners worldwide. GATX
Corporation provides leasing and financial services responsive to the
specialized needs of a range of businesses. GATX Corporation specializes in
railcar and locomotive operating leasing, aircraft operating leasing,
information technology leasing, and venture finance for customers in diverse
industrial sectors worldwide.
FORWARD LOOKING STATEMENTS
This press release includes statements which may constitute forward-
looking statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. This information may involve risks
and uncertainties that could cause actual results to differ materially from
the forward-looking statements. Although the company believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected.
Investor, corporate information and press releases may be found at
http://www.gatx.com . A variety of current financial information, historical
financial information, press releases and photographs are available at this
site. GATX press releases may be obtained by automated PR News Company News
On-Call's automated fax service at 800-758-5804. The company identification
number for GATX is 105121.
SOURCE GATX Corporation
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http://www.gatx.com
Company News On-Call:
http://www.prnewswire.com/comp/105121.html or fax,
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CONTACT:
Analysts and Investors, Robert C. Lyons,
312-621-6633, or Media, George S. Lowman, 312-621-6599, both of
GATX Corporation
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