CHICAGO--(BUSINESS WIRE)--Nov. 3, 2014--
GATX Corporation (NYSE:GMT) today announced that it has entered into an
agreement to purchase up to 8,950 newly built railcars over a four-year
period, beginning in March 2016. GATX may order both tank and freight
cars, though the majority of the order will be for tank cars. The
railcars will be manufactured by a subsidiary of Trinity Industries, Inc.
“GATX’s existing 12,500-car, five-year supply agreement with Trinity
ends in mid-2016. We have placed more than 10,500 cars from that order
on long-term leases with our customers. Placing this new order with
North America’s premier railcar manufacturer allows us to continue to
meet our customers’ needs with competitively priced railcars for years
to come,” said Brian A. Kenney, GATX’s president and chief executive
officer.
COMPANY DESCRIPTION
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. With the largest
railcar lease fleet in the world, GATX has been providing quality
railcars and services to its customers for more than 115 years. GATX has
been headquartered in Chicago, Illinois since its founding in 1898. For
more information, visit the Company's website at www.gatx.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this document may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and are subject to the safe harbor provisions of those
sections and the Private Securities Litigation Reform Act of 1995. These
statements refer to information that is not purely historical, such as
estimates, projections and statements relating to our business plans,
objectives and expected operating results, and the assumptions on which
those statements are based. 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 our Annual Report on Form 10-K for the year ended December
31, 2013 and other filings with the SEC, that could cause actual results
or developments to differ materially from the forward-looking
statements. These risks and uncertainties include, but are not limited
to: (1) changes in regulatory requirements for tank cars in crude,
ethanol, and other flammable liquid commodity service; (2) competitive
factors in our primary markets, including lease pricing and asset
availability; (3) weak economic conditions, financial market volatility,
and other factors that may negatively affect the rail, marine, and other
industries served by us and our customers; (4) inability to maintain
satisfactory lease rates or utilization levels for our assets, or
increased operating costs in our primary operating segments; (5) changes
to laws, rules, and regulations applicable to GATX and our rail, marine,
and other assets, or failure to comply with those laws, rules and
regulations; (6) operational disruption and increased costs associated
with compliance maintenance programs and other maintenance initiatives;
(7) financial and operational risks associated with long-term railcar
purchase commitments; (8) deterioration of conditions in the capital
markets, reductions in our credit ratings, or increases in our financing
costs; (9) unfavorable conditions affecting certain assets, customers or
regions where we have a large investment; (10) risks related to our
international operations and expansion into new geographic markets; (11)
inadequate allowances to cover credit losses in our portfolio or
declines in the credit quality of our customer base; (12) impaired asset
charges that may result from weak economic or market conditions, changes
to laws, rules, and regulations affecting our assets, events related to
particular customers or asset types, or portfolio management decisions
we implement; (13) environmental remediation costs or a negative outcome
in our pending or threatened litigation; (14) our inability to obtain
cost-effective insurance; (15) operational and financial risks related
to our affiliate investments, particularly where certain affiliates may
contribute significantly to our consolidated operating profit; (16)
reduced opportunities to generate asset remarketing income; (17) failure
to successfully negotiate collective bargaining agreements with the
unions representing a substantial portion of our employees.
Given these risks and uncertainties, readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect our
analysis, judgment, belief or expectation only as of the date hereof. We
have based these forward-looking statements on information currently
available and disclaim 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