CHICAGO, Aug. 31 /PRNewswire/ -- GATX Corporation (NYSE: GMT), today
announced that it has purchased a 35 percent interest in Bonifacio Logistics,
based in Sao Paulo, Brazil. The company will adopt the new name,
Bonifacio-GATX, Inc. The company offers innovative rail and truck logistics
solutions to shippers and receivers of large volume products including
chemicals, foods and agricultural products, and it owns, leases or utilizes
approximately 400 railcars including tank and hopper cars. Bonifacio-GATX
also engages in railcar maintenance operations. Terms of the transaction are
not being disclosed.
This investment highlights the commitment of GATX to capitalize on the
growing worldwide need for rail services including leasing, rail logistics,
and railcar maintenance. Bonifacio-GATX will complement GATX's rail logistics
activities and additionally be a platform from which GATX will expand its
presence in Brazil and other South American countries. GATX will have the
opportunity to increase its percentage ownership to a majority position over
the next eight years.
The founder and owner of Bonifacio Logistics, Paulo Bonifacio, stated,
"Brazil is a large and growing market for chemical production and consumption.
Currently, less than 2 percent of all products move by rail. Successful
economic policies and the recent privatization in the rail transportation
sector provide numerous opportunities for GATX to offer many of its rail and
rail logistics services in this expanding marketplace."
This purchase will enhance the operations of both GATX and Bonifacio.
With GATX as its partner, Bonifacio is positioned to take a leading role in
the growing Brazilian marketplace. Brazil ranks among the largest emerging
markets based on Gross National Product. It is the sixth largest populated
country in the world and fifth largest in land area. Trade flows have grown
from $36.3 billion in 1986 to $97.4 billion in 1999. The chemical industry is
the largest industrial sector in Brazil with $36.2 billion of shipments in
1999. New chemical industry investments of approximately $5 billion are
projected through 2004, and several of GATX's current U.S. customers have
already made substantial investments in Brazil.
GATX 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 primarily focuses on leasing assets
that include rail rolling stock, jet commercial aircraft, and information
technology.
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 statement 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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Related links:
http://www.gatx.com
Company News On-Call:
http://www.prnewswire.com/comp/105121.html or fax,
800-758-5804, ext. 105121
CONTACT:
Tracy Koziel of GATX Corporation,
312-621-6493
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