GATX Corporation has announced that it has acquired a fleet of over 2,500 freight cars valued at approximately $150m. The seller was a financial institution that recently foreclosed on part of the fleet of a railcar lessor.
“GATX continues to execute its strategy of growing its railcar fleet at attractive valuations,” said Brian A. Kenney, president and chief executive officer of GATX. “These newer, high-quality railcars are highly utilized and will be seamlessly absorbed into the GATX fleet.
“Throughout the downturn, GATX selectively pursued opportunities to acquire quality railcars from distressed sellers or those looking to exit the railcar leasing business. This acquisition, coupled with our previously announced fleet acquisition from Allco Finance Group Limited and our recent investment in Adler Funding LLC, reflects this strategy. Through these transactions, GATX acquired an interest in approximately 12,000 railcars valued at almost $660m. We continue to look for additional opportunities to grow our asset base at attractive valuations.”
Chicago-based GATX Corporation (NYSE: GMT) is an equipment finance company, which primary activities consist of railcar operating leasing in North America and Europe. In addition, GATX leases locomotives in North America, and also has significant investments in industrial equipment and marine assets, including ownership of the American Steamship Company, which operates on the Great Lakes.
“GATX continues to execute its strategy of growing its railcar fleet at attractive valuations,” said Brian A. Kenney, president and chief executive officer of GATX. “These newer, high-quality railcars are highly utilized and will be seamlessly absorbed into the GATX fleet.
“Throughout the downturn, GATX selectively pursued opportunities to acquire quality railcars from distressed sellers or those looking to exit the railcar leasing business. This acquisition, coupled with our previously announced fleet acquisition from Allco Finance Group Limited and our recent investment in Adler Funding LLC, reflects this strategy. Through these transactions, GATX acquired an interest in approximately 12,000 railcars valued at almost $660m. We continue to look for additional opportunities to grow our asset base at attractive valuations.”
Chicago-based GATX Corporation (NYSE: GMT) is an equipment finance company, which primary activities consist of railcar operating leasing in North America and Europe. In addition, GATX leases locomotives in North America, and also has significant investments in industrial equipment and marine assets, including ownership of the American Steamship Company, which operates on the Great Lakes.