CHICAGO, Oct. 23 /PRNewswire-FirstCall/ -- GATX Rail today announced that
it has initiated the first phase of a committed railcar purchase program,
under which it will acquire up to 7,500 newly manufactured railcars over the
next five years. GATX Rail expects that this program will provide high
quality, modern railcars to meet the needs of its customers and to replace
cars retired from its existing fleet.
As part of the first phase of the purchase program, GATX Rail has signed a
supply agreement with Union Tank Car Company. Under the terms of the
agreement, Union Tank Car will supply GATX Rail with 2,500 tankcars,
configured according to strict GATX Rail specifications, delivering evenly
over the next five years.
David M. Edwards, president of GATX Rail, stated, "This long-term purchase
program highlights our commitment to the North American rail market and to our
customers. Although current market conditions remain challenging, we believe
that initiating a new purchase program at this time will enable GATX Rail to
acquire new railcars at very attractive pricing while maintaining flexibility
to meet customer needs for modern, high-capacity railcars on a long-term
basis."
Clifford J. Porzenheim, senior vice president of fleet management at GATX
Rail, stated, "We are delighted to add Union Tank Car as a supplier of new
railcars. GATX Rail provides North America's largest, most diverse fleet of
tankcars to its customers, and the addition of a high quality supplier such as
Union Tank Car enhances the capability and flexibility of GATX Rail's fleet."
GATX Rail is continuing discussions with other railcar manufacturers
regarding supply agreements covering the balance of the program.
GATX RAIL
GATX Rail is a division of GATX Financial Corporation, a wholly owned
subsidiary of GATX Corporation (NYSE: GMT). GATX is a specialized finance and
leasing company combining asset knowledge and services, structuring expertise,
partnering and risk capital to serve customers and partners worldwide. GATX
specializes in railcar and locomotive leasing, aircraft operating leasing,
information technology leasing, venture finance and diversified finance.
Investor, corporate, financial, historical financial, photographic and
news release information may be found at http://www.gatx.com .
SOURCE GATX Corporation
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http://www.gatx.com
Company News On-Call:
http://www.prnewswire.com/comp/105121.html
CONTACT:
Robert C. Lyons of GATX Corporation,
+1-312-621-6633
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