GATX Acquires Polish Railroad Tank Car Fleet as Part of A Significant Privatization
CHICAGO, March 22 /PRNewswire/ -- GATX Corporation (NYSE: GMT) announced today that it has finalized its acquisition of Dyrekcja Eksploatacji Cystern (DEC) -- Poland's national tank car fleet and fuel distribution company. A subsidiary of GATX Rail Corporation, GATX Rail Overseas Holding Corporation, has purchased 100 percent of the shares of DEC for 350,000,000 Zlotys (approximately U.S. $84 million). Additional terms of the transaction were not announced.
Mr. Ward Fuller, president and CEO of GATX Rail Europe stated, "We are extremely pleased to have successfully concluded this key strategic transaction. Poland is a pivotal gateway between Eastern and Western Europe and, as such, provides a unique platform for growth. We are excited about working with the men and women of DEC to optimize DEC's 11,500 tank car fleet and its maintenance network, introducing new products and services to help DEC's customers achieve their objectives and goals and, finally, cooperating closely with PKP, one of Europe's largest railroads, to facilitate and support the growth of rail transportation throughout Poland.
"Through this investment, we expect that our company will participate in the anticipated growth opportunities in the petroleum, chemical and food sectors. We are certainly looking forward to a dynamic and prosperous future here in Poland and hope we can all work together to make this particular privatization an exemplar of a successful privatization for all constituents
the employees of DEC, our customers and suppliers, GATX's shareholders and the citizens and government of Poland."
Aldona Kamela-Sowinska, Polish Minister of the State Treasury, stated, "The new owner of DEC is a well-known international company with extensive expertise. I am convinced that the position and renown of GATX Corporation is a guarantee of development and investment opportunities for DEC, which will enable it to achieve a stable market position and increase its competitive advantage."
GATX Rail Corporation is a wholly-owned subsidiary of GATX Corporation (NYSE: GMT), a unique finance and leasing company combining asset knowledge and services, structuring expertise, creative partnering and risk capital. GATX provides sophisticated leasing and financial services responsive to the specialized needs of a range of businesses. In addition to offering railcar and locomotive operating leasing, GATX specializes in aircraft operating leasing, information technology services leasing, venture finance, and financing solutions for customers in diversified markets, worldwide.
FORWARD LOOKING STATEMENTS
This press release includes statements which may constitute forward- looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties including but not limited to general conditions, including demand and pricing in its primary rail, air, technology, and diversified equipment leasing markets, opportunities for asset resale within these markets, and stable labor conditions within the company's rail service network. These factors and others could cause actual results to differ materially from those projected.
FOR FURTHER INFORMATION CONTACT: Analysts and Investors Media Robert C. Lyons George S. Lowman GATX Corporation GATX Corporation 312-621-6633 312-621-6599
Investor, corporate information and press releases may be found at http://www.gatx.com . A variety of current financial information, historical financial information, press releases and photographs are available at this site. GATX press releases may be obtained by automated PR News Company News On-Call's automated fax service at 800-758-5804. The company identification number for GATX is 105121. SOURCE GATX Corporation
CONTACT: Analysts and Investors, Robert C. Lyons, 312-621-6633, or Media, George S. Lowman, 312-621-6599, both of GATX Corporation/