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CHICAGO, Aug. 01, 2018 (GLOBE NEWSWIRE) -- GATX Corporation (NYSE:GATX) today announced that it has entered into an agreement with American Railcar Industries, Inc. (“ARI”) to purchase 7,650 newly built railcars. The order encompasses a mix of tank and freight cars that deliver over a five-year period, beginning in April 2019. The agreement also includes an option to order up to an additional 4,400 railcars, subject to certain restrictions.
Brian A. Kenney, president and chief executive officer of GATX Corporation, said, “This provides GATX with cost-advantaged railcars to grow our large and diverse fleet in North America. We are pleased to partner with a quality supplier such as ARI to solidify our position as the leading global railcar lessor.”
Under the terms of the agreement, ARI will deliver 450 railcars in 2019, with the remaining 7,200 delivering ratably from 2020 - 2023. Kenney continued, “The timing of this order is consistent with our expectation of a gradual recovery in the railcar leasing market. Combined with the 4,800 railcar extension of our existing committed supply agreement announced earlier this year, the bulk of our committed railcar orders now deliver in 2020 and beyond.”
GATX Corporation (NYSE:GATX) strives to be recognized as the finest railcar leasing company in the world by its customers, its shareholders, its employees and the communities where it operates. As the leading global railcar lessor, GATX has been providing quality railcars and services to its customers for 120 years. GATX has been headquartered in Chicago, Illinois, since its founding in 1898. For more information, please visit the Company’s website at www.gatx.com.
Statements in this News Release not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would”, and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.
The following factors, in addition to those discussed in our other filings with the SEC, including our Form 10-K for the year ended December 31, 2017 and subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
FOR FURTHER INFORMATION CONTACT:
Director, Investor Relations
Investor, corporate, financial, historical financial, and news release information may be found at www.gatx.com.