CHICAGO--(BUSINESS WIRE)--May. 22, 2012--
GATX India Private Limited (“GIPL”), a subsidiary of GATX Corporation
(NYSE:GMT), today announced its entry into the Indian marketplace with
the purchase of ten newly manufactured rakes, each consisting of 45
container flat wagons. GIPL has agreed to lease the rail wagons to
Arshiya Rail Infrastructure Ltd., a subsidiary of Arshiya International
Ltd., for ten years. This transaction will allow Arshiya to efficiently
scale its rail fleet.
Brian A. Kenney, president and chief executive officer of GATX
Corporation said, “We are pleased to be the first leasing company
registered under Indian Railways’ Wagon Leasing Scheme. We believe rail
wagon leasing in India will provide an attractive growth opportunity for
GATX, and we are honored to enter this market with Arshiya Rail
Infrastructure, one of India’s leading and pioneering container train
operators.”
Commenting on the lease agreement, Ajay S. Mittal, group chairman and
managing director of Arshiya International Ltd said, “This is a
strategic partnership for Arshiya. GATX has a strong legacy in rail
equipment leasing, and we are confident this relationship will help us
provide improved value to our customers.”
Saurabh Sood, managing director and country head of GIPL added, “Backed
by our global expertise in design, safety and engineering, we have the
capability to add efficiency to the entire Indian rail system. We look
forward to working collaboratively with Indian Railways and our
customers to efficiently grow rail freight traffic. We are committed to
meeting the expectations of our customers and developing long-term
relationships.”
COMPANY DESCRIPTION
GATX India Private Limited (“GIPL”), established as a subsidiary of GATX
Corporation in 2010, provides rail wagon lease financing and related
services. GIPL intends to be the leader in leasing of rail wagons in
India. Leveraging over a century of operating experience and strong
market and asset expertise in North America and Europe, GIPL will
continue the tradition of providing quality assets and services to
customers in India.
GATX Corporation (NYSE:GMT) strives to be recognized as the
finest railcar leasing company in the world by its customers, its
shareholders, its employees and the communities where it operates.
Controlling one of the largest railcar fleets in the world, GATX has
been providing quality railcars and services to its customers for 114
years. 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 like “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “predict,” “project” or other similar words.
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, 2011 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, (1) general economic,
market, regulatory and political conditions affecting the rail, marine
and other industries served by GATX and its customers; (2) competitive
factors in GATX’s primary markets, including lease pricing and asset
availability; (3) lease rates, utilization levels and operating costs in
GATX’s primary operating segments; (4) conditions in the capital markets
or changes in GATX’s credit ratings and financing costs; (5) risks
related to compliance with, or changes to, laws, rules and regulations
applicable to GATX and its rail, marine and other assets; (6) costs
associated with maintenance initiatives; (7) operational and financial
risks associated with long-term railcar purchase commitments; (8)
changes in loss provision levels within GATX’s portfolio; (9) conditions
affecting certain assets, customers or regions where GATX has a large
investment; (10) impaired asset charges that may result from changing
market conditions or portfolio management decisions implemented by GATX;
(11) opportunities for remarketing income; (12) labor relations with
unions representing GATX employees; and (13) 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 India Private Limited
Mukesh Agarwal, + 91 (11) 4166 8560
Company
Secretary
mukesh.agarwal@gatx.com
or
GATX
Corporation
Jennifer Van Aken, 312-621-6689
Director, Investor
Relations
jennifer.vanaken@gatx.com