Greenbrier announces additional major tank barge order

The Greenbrier Companies, Inc. [NYSE:GBX] announced today that its Gunderson Marine division in Portland, Oregon has received an order from Kirby Offshore Marine to build a second articulated ocean-going oil & chemical tank barge ("ATB") to meet sustained demand.  The order results from Kirby's exercise of its purchase option Greenbrier previously announced in January when Kirby ordered its first ATB, the Company said in a press release. The second ATB is identical to the vessel that Kirby ordered in January, a state-of-the-art 578' tank barge with a carrying capacity of 185,000 barrels.  The second Kirby barge is scheduled for completion in the first-half of 2016. These barges are among the largest built in Gunderson's marine history.  The order brings Greenbrier's current marine backlog to approximately $120 million, its highest level in nearly five years.

"We are benefitting from continued strong demand for the transportation of goods by ocean-going barge, particularly the transportation of petrochemicals, crude oil, refined petroleum products and agricultural chemicals," said William A. Furman, Greenbrier Chairman and CEO.  "As we recover from one the coldest North American winters in recent memory, we expect to see increased freight traffic across modes.  This should benefit our marine and railcar manufacturing operations with associated demand for our other offerings in our Wheels, Repair & Parts and our Leasing & Services businesses."

"Gunderson is a great place to work, and Kirby's second ATB order along with other recent orders for both marine and rail products means we will be busy through the next several years," said Mark Eitzen, Senior Vice President and General Manager of Gunderson. "We have recently welcomed more than 200 new co-workers to our Portland waterfront operations to support our expansion in manufacturing.  We expect to add at least 200 more jobs in the next several months, all with competitive pay and benefits, bringing our total employment to over 1,000 workers."

Operating from the largest side launch on the west coast, Gunderson is the only shipyard on the west coast with successful experience in building large, articulated tug barges.  Gunderson has the capacity to build up to four large articulated tug barge projects of this size per year.

Established in 1919 as a heavy steel fabricator, Gunderson has been a ship and marine barge builder since 1942.  It entered the new freight railcar construction market in the early 1960s.  Nearly 4,800 vessels have been built by Gunderson, with focus on large ocean-going barges.  About 300 such barges have been built by Gunderson in recent years, including deck cargo barges, hopper barges, roll-on/roll-off railcar barges, dump scows, Panamax size vessels and double-hull oil barges.  Operations have expanded dramatically over the past decade with substantial investment in facility enhancements and lean manufacturing efficiencies.

Gunderson, through its marine and railcar divisions, has more than 800 employees, with nearly 200 workers currently dedicated to marine operations.  Located on 75 acres along the Willamette River in Portland, Oregon, Gunderson is accessible year-round by ocean-going vessels and two transcontinental railroads, BNSF Railway Company and Union Pacific Railroad.  Gunderson is proud to be an equal opportunity employer.

Greenbrier (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry.  Greenbrier builds new railroad freight cars in its four manufacturing facilities in the U.S. and Mexico and marine barges at its U.S. facility.  It also repairs and refurbishes freight cars and provides wheels and railcar parts at 37 locations across North America.  Greenbrier builds new railroad freight cars and refurbishes freight cars for the European market through both its operations in Poland and various subcontractor facilities throughout Europe.  Greenbrier owns approximately 8,800 railcars, and performs management services for approximately 233,000 railcars.