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GATX Corporation (NYSE:GATX) has secured a long-term railcar supply agreement with Trinity Industries, Inc. to purchase 15,000 newly built railcars by 2028, with an option for an additional 500 railcars annually. The deal includes 6,000 tank cars, delivered at 1,200 per year starting in 2024, plus 9,000 mixed freight and tank cars delivered at a rate of 1,500 cars per year. This agreement ensures GATX's access to modern railcars, aligning with their base fleet reinvestment strategy in North America through 2028.
Positive
Secured a long-term supply agreement for 15,000 railcars, enhancing fleet capabilities.
Access to a wide range of modern tank and freight cars, improving service offerings.
Agreement expected to cover base fleet reinvestment needs through 2028.
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None.
CHICAGO--(BUSINESS WIRE)--
GATX Corporation (NYSE:GATX) has entered into a new long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. (“Trinity”) to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028.
The agreement enables GATX to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars at a rate of 1,200 cars each year from 2024 through 2028. The remaining 9,000 cars, which can be a mix of freight and tank cars, will be ordered at a rate of 1,500 cars per order year from 2023 to 2028 and delivered under a schedule to be determined.
“This agreement provides GATX with guaranteed access to high-quality, modern and cost-advantaged railcars in North America,” said Robert C. Lyons, president and chief executive officer of GATX. “With our existing supply agreements scheduled to expire at the end of 2023, this is an opportune time to establish a new agreement with Trinity, a proven supplier to GATX. We now have long-term access to a wide range of car types, enabling us to continue serving our large and diverse customer base. We expect this order will cover our base fleet reinvestment needs in North America through 2028, and we will continue to pursue additional attractive investment opportunities in the new and secondary railcar markets.”
COMPANY DESCRIPTION
At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. GATX has been headquartered in Chicago, Illinois since its founding in 1898.
AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investor Relations” tab.
