GATX buys 18 500 wagons from GE Capital Rail Services
USA: GATX Corp announced the purchase of GE Capital Rail Services' North American per diem boxcar fleet of more than 18 500 vehicles for $340m on March 24. The fleet has an average age of 34 years, and GATX expects it to generate $70m in annual revenues.
'This fleet acquisition establishes GATX as the leader in the boxcar leasing market and adds a significant number of railcars to our fleet that are critical-use assets for certain important sectors of the North American economy', said Brian A Kenney, President & CEO of GATX.
'Many of the customers utilising this fleet are existing GATX customers, and this acquisition enhances our ability to meet these customers' broad rail transportation needs. The transaction is expected to be immediately accretive, although at this point we are not adjusting our previously announced 2014 earnings guidance.'