CHICAGO, Aug 05, 2011 (BUSINESS WIRE) --
American Steamship Company ("ASC"), a subsidiary of GATX Corporation
(NYSE:GMT) today announced that it will restart vessel operation as the
American Maritime Officers union ("AMO") employees return to work. The
AMO employees went on strike following the expiration of their labor
contract on August 1, 2011. ASC and the AMO have agreed to extend the
recently expired contract through 2011 and potentially through 2012 if
needed, during which time the two parties will negotiate a new long-term
labor agreement.
David W. Foster, president of ASC, said, "We are pleased that ASC and
the AMO have agreed on a path forward. We will commence operations on
the Great Lakes as soon as possible. ASC is committed to minimizing
disruption for our customers, and the AMO has agreed to work with us to
ensure a prompt and efficient restart of operations. It remains our goal
to reach a fair and equitable long-term agreement with our licensed crew
members that allows ASC to become more competitive on the Great Lakes."
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 for the year ended December 31, 2010 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; costs associated with maintenance initiatives;
competitive factors in GATX's primary markets including lease pricing
and asset availability; operational and financial risks associated with
long-term railcar purchase commitments; 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; uncertainties in
relations with labor unions representing GATX employees; 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
Director, Investor Relations
312-621-6689
jennifer.vanaken@gatx.com