CIT Rail Resources has acquired rolling stock lessor Flex Leasing Corp. The San Francisco-based firm’s 7200 general-purpose freight wagons, worth around $400m, bring CIT Rail Resources’ total fleet to 54000 vehicles, with an average age of seven years. Along with 550 locos, the wagons are leased to railways across the USA, Mexico and Canada.
CIT Rail Resources President Steve McClure said the quality of the Flex fleet made it an attractive acquisition. ’We have seen an improvement in demand from railroads and shippers in the last few months, and this acquisition will enable us to take advantage of the increased activity.’