CHICAGO, Nov. 2 /PRNewswire/ -- GATX Corporation (NYSE: GMT) today
announced a number of significant organizational changes that position the
company for continued growth and result in more efficient utilization of
resources within the organization.
As part of an initiative to capitalize on international rail
opportunities, GATX is establishing a European-based operation to oversee all
of the company's activities in this market. D. Ward Fuller, currently
president of GATX Rail, has been appointed president of this new organization.
Concurrently, David M. Edwards, president of GATX Integrated Solutions, has
been elected president of GATX Rail Corporation.
Ronald H. Zech, chairman of GATX Corporation, stated, "The European rail
market represents a significant growth opportunity for GATX. We currently
have ownership interests in two European rail joint ventures, and earlier this
week the government of Poland formally approved the sale of its petroleum tank
car fleet to GATX. Upon successful closing of this transaction, GATX will
have a combined interest in over 30,000 rail cars in Europe. Our growing
position in this market and the opportunities for future growth clearly
warrant a greater management presence. Ward Fuller's experience in
transforming GATX Rail into the leading provider of tank car services in North
America and expanding the business internationally make him uniquely qualified
to lead our European effort.
"At the same time, we are extremely fortunate that Dave Edwards will be
leading GATX Rail. Over the past twenty years Dave has held a variety of
important positions in virtually every area of GATX. His combination of
financial, operational, and managerial experience will be extremely valuable
to GATX Rail, and I am confident that he will be vital to the success of GATX
Rail as it moves forward in a competitive market."
Mr. Zech added, "With the combination of Dave Edwards leading GATX Rail,
Ward Fuller spearheading our European effort, and the significant rail
expertise within GATX Capital, we are optimally positioned to grow our rail
business in the future."
GATX also announced the consolidation of the Corporate Tax and
Controller's departments. William M. Muckian, currently the director of tax,
has been elected controller and will lead the combined department. A number
of additional department changes have been identified and announced
internally, with an overall objective to share resources and streamline
operations within the company.
Mr. Zech concluded, "Over the past year GATX has undertaken a very
significant and positive transformation. By focusing resources and capital on
our highest return opportunities, we have strengthened GATX's position as a
specialized finance and leasing company. The changes announced today
represent another step in this process and highlight our commitment to
capitalize on key growth opportunities, leverage knowledge and skills across
the organization, and operate in a cost-effective manner. I am confident that
continued adherence to these disciplines will drive attractive returns for our
shareholders."
Company Description
GATX Corporation (NYSE: GMT) 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, telecommunications, and marine.
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 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:
Media, George S. Lowman, Managing Director,
Communications, 312-621-6599, or Investor Relations, Robert C.
Lyons, Director, 312-621-6633, both of GATX Corporation
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