GATX Corporation completed the sale of its American Steamship Company (ASC) business to Rand Logistics, LLC for approximately $260 million in cash proceeds, subject to customary post-closing adjustments. This is the final step in the sale of ASC to Rand Logistics, LLC, as previously announced on Feb. 10, 2020, the company said in its release.
GATX expects to use the net sales proceeds to repay outstanding indebtedness under its $250 million revolving credit facility.