CHICAGO, Nov 15, 2010 (BUSINESS WIRE) --
GATX Corporation (NYSE:GMT) today announced that it acquired a fleet of
over 2,500 freight cars valued at approximately $150 million. 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 $660 million. We continue to look for
additional opportunities to grow our asset base at attractive
valuations."
COMPANY DESCRIPTION
GATX Corporation (NYSE:GMT) provides leasing and related services to
customers operating rail, marine and other targeted assets. GATX is a
leader in leasing transportation assets and controls one of the largest
railcar fleets in the world. Applying over a century of operating
experience and strong market and asset expertise, GATX provides quality
assets and services to customers worldwide. GATX has been headquartered
in Chicago, Illinois since its founding in 1898 and has traded on the
New York Stock Exchange since 1916. For more information, visit the
Company's website at www.gatx.com.
FORWARD-LOOKING STATEMENTS
This document contains statements that may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 and are
subject to the safe harbor provisions of those sections and the Private
Securities Litigation Reform Act of 1995. Some of these statements may
be identified by words such as "anticipate," "believe," "estimate,"
"expect," "intend," "predict," "project" or other words and terms of
similar meaning. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties, including those described in GATX's Annual Report on
Form 10-K and other filings with the SEC, and that actual results or
developments may differ materially from those in the forward-looking
statements. Specific factors that might cause actual results to differ
from expectations include, but are not limited to, general economic,
market, regulatory and political conditions in the rail, marine,
industrial and other industries served by GATX and its customers; lease
rates, utilization levels and operating costs in GATX's primary
operating segments; conditions in the capital markets; changes in GATX's
credit ratings and financing costs; regulatory rulings that may impact
the economic value and operating costs of assets; competitive factors in
GATX's primary markets including lease pricing and asset availability;
changes in loss provision levels within GATX's portfolio; impaired asset
charges that may result from changing market conditions or portfolio
management decisions implemented by GATX; the opportunity for
remarketing income; and the outcome of pending or threatened litigation.
Given these risks and uncertainties, readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management's analysis, judgment, belief or expectation only as of the
date hereof. GATX has based these forward-looking statements on
information currently available and disclaims any intention or
obligation to update or revise these forward-looking statements to
reflect subsequent events or circumstances.
Investor, corporate, financial, historical financial, photographic
and news release information may be found at www.gatx.com.
SOURCE: GATX Corporation
GATX Corporation
Jennifer Van Aken
312-621-6689
jennifer.vanaken@gatx.com