CHICAGO, April 2 /PRNewswire/ -- GATX Corporation (NYSE: GMT) today
announced that it completed the sale of GATX Terminals' Calnev Pipeline to
Kinder Morgan Energy Partners, L.P. The purchase price for the Calnev
Pipeline was $375 million, including approximately $360 million in cash and
$15 million in assumed liabilities. This transaction completes the sale of
essentially all of GATX Terminals' domestic operations.
Ronald H. Zech, chairman of GATX Corporation, stated, "We are pleased that
the California Public Utilities Commission approved the Calnev sale and that
we were able to close the transaction with Kinder Morgan. The sale of GATX
Terminals' domestic operations to Kinder Morgan, encompassing Calnev and the
previous sale of other domestic operations, was a very successful transaction
that generated after-tax cash proceeds for GATX in excess of $700 million.
"The timing of the GATX Terminals sale has been beneficial for GATX.
During the first quarter of 2001, we experienced excellent investment
opportunities and we have been putting capital to work in attractive markets.
The Terminals' proceeds, and our conservative approach to the use of the
proceeds, have enabled GATX to reinvest in our core businesses while also
maintaining a strong capital structure."
Mr. Zech concluded, "The sale of GATX Terminals' domestic operations has
been a complex and lengthy process. The successful completion of this sale is
a testament to the many employees, both at GATX Corporation and GATX
Terminals, who dedicated themselves to completing this transaction. Our focus
will now shift to the sale of GATX Terminals' primary remaining operations,
the Asian terminals and joint ventures."
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 accessing PR Newswire's 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
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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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