CHICAGO, IL, Oct. 10 /PRNewswire/ -- GATX Rail Corporation has proposed a
new labor contract affecting approximately 340 employees at its four domestic
service centers. The employees, represented by the United Steelworkers of
America, have not agreed to the proposed contract. Terms of the existing
labor contract, which expired on September 15, continue in place and the
service centers remain open and operational at this time.
GATX Rail proposed what it believes to be a fair and competitive labor
contract. The proposed contract is designed to provide the framework for
delivering quality customer service while enhancing the overall efficiency and
competitive position of the GATX Rail service centers. It also provides
employees with market-based compensation and performance-based incentives.
GATX Rail is making every reasonable effort to reach a timely conclusion
in this matter. However, at this time it is not possible to determine the
outcome of the labor negotiation process. Prompt signing of the proposed
labor contract will allow normal operation of the service centers, while
protracted negotiations could lead to uncertainty or even a work stoppage.
GATX Rail is committed to maintaining quality customer service during this
process. A number of alternatives have been secured so that repair and
maintenance requirements will continue to be met. The potential operational
and financial impacts of this labor negotiation are not known at this time.
GATX Rail Corporation is a subsidiary of GATX Corporation (NYSE: GMT).
GATX Rail operates the largest tank car fleet in North America and a
significant fleet of specialty freight cars. Its fleet totaled 88,000
railcars at the end of 1999. GATX Rail leases railcars to shippers in
virtually all industries, with a particular emphasis on chemical, petroleum
and food. The company also provides a range of services including fleet
optimization, management of maintenance schedules, regulatory compliance
programs, and internet-based and e-commerce services to help manage rail
fleets more efficiently.
GATX Corporation is a specialized finance and leasing company that uses
asset knowledge, service capabilities, structuring expertise and partnering
skills to serve targeted industries including rail, air, technology, and
telecommunications.
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.
SOURCE GATX Rail 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:
Media, Lisa A. Rockrohr, 312-621-6234, or
Investors, Robert C. Lyons, 312-621-6633, both of GATX
Corporation
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