LAKE OSWEGO, Ore., June 17 /PRNewswire-FirstCall/ -- The Iraqi Coalition
Provisional Authority has made an award of an order for 240 railroad container
flat platforms to be built by The Greenbrier Companies' (NYSE: GBX) Polish
manufacturing operation, Wagony Swidnica. The award was announced today by
Greenbrier and Boston Transit Group. This order is particularly important
since it is the first business that Poland has secured in Iraq, since joining
the Coalition armed forces at the start of the war. It is greatly welcomed in
Poland and signals increasing cooperation between the U.S. and Poland in
rebuilding vital infrastructure in Iraq.
Wagony Swidnica is a leading manufacturer of freight rail cars in Europe.
Its operations have recently been recapitalized, in part, with the critical
assistance of the Polish government in extending a much needed KUKE export
guarantee. The recapitalization has strengthened the Company's position in
the marketplace. Currently, Wagony Swidnica employs 900 workers in the lower
Silesia region of Poland.
The Company has provided freight wagons to the Iraq region in the past,
but this order is the first for freight wagons for that region in over
20 years. In more recent times, Wagony Swidnica has been exporting high
quality Polish freight cars to other European countries. Wagony Swidnica
intends to bid on the freight car tender that will be issued by PKP, Poland's
national railroad. In all these ways, Wagony Swidnica contributes and will
continue to contribute to Poland's export economy and to Poland's domestic
economic strength.
Greenbrier's investment in Poland started in 1998 through the acquisition
of Wagony Swidnica. At the time, the factory was virtually dormant and
employed less than 100 people. This investment reflects Greenbrier's great
confidence in Poland's future. Greenbrier expects to continue playing a large
and vital role in the Polish railroad industry. Greenbrier is grateful for
the recent actions that officials in the Polish government, particularly in
the Finance Ministry, and in the KUKE export guarantee authority have taken to
make this role possible. It is also grateful for the vital encouragement that
it has received from the Polish Embassy in the United States, and from the
U.S. Embassy in Warsaw, with both of which it has frequently consulted.
The Greenbrier Companies (http://www.gbrx.com), headquartered in Lake Oswego, OR,
is a leading supplier of transportation equipment and services to the railroad
industry. In addition to building new railroad freight cars in the U.S.,
Canada, and Mexico and to repairing and refurbishing freight cars and wheels
at 13 locations across North America, Greenbrier builds new railroad freight
cars and refurbishes freight cars for the European market through both its
operations in Poland and various subcontractor facilities throughout Europe.
Greenbrier owns approximately 12,000 railcars, and performs management
services for approximately 113,000 railcars.
Except for historical information contained herein, this press release
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including without limitation,
statements as to expectations, beliefs, and future financial performance.
These forward-looking statements are dependent on a number of factors,
business risks and issues, a change in which could cause actual results to
differ materially from those expressed or implied in the forward-looking
statements. Such factors, risks and issues are set forth from time to time
under "Forward-Looking Statements," in Management's Discussion and Analysis of
Financial Condition and Results of Operations in Greenbrier's SEC filings and
reports. Any forward-looking statement speaks only as of the date on which
such statement is made. Greenbrier undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after the date on
which such statement is made.
SOURCE Greenbrier Companies
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Related links:
http://www.gbrx.com
CONTACT:
Mark Rittenbaum, +1-503-684-7000, for
Greenbrier Companies
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