On Jumat, 21 Juni 2013
GE Rail Services offers leases and manages railcars (railway wagons) regarding the north yankee market ; its product vary includes all methods of common freight wagon together with box, flat, coated and uncovered hopper ( gondola ), and tank wagons. the corporate too manages service and repair of wagons.
In 1986 GE Railcar Services Corporation acquired the assets of North Yankee Car Corp, a former rail leasing subsidiary of Tiger International that had become insolvent in 1984. GE acquired ~35000 rail car and 14 maintenance units in North America at a price of $420 million.
In 1989 GE acquired the railcar leasing and management business of Brae corporation from holding company Leucadia National for approximately $180 million, acquiring 15000 boxcars. when using the acquisition GE entered the per diem boxcar leasing business.
In 1992 GE Capital Railcar reached an agreement out to lease itel rail firms (subsidiary of Itel corporation) railcar fleet ; in 1990 itel rail had ~70, 000 rail vehicles, approximately one third of that were boxcars, another third coated hopper wagons, the remainder tank, open hopper, flat and speciality wagons. 7 the lease agreement was for 12 years with an acquisition possibility - the agreement brought ges for lease fleet out to ~140, 000 units. the agreement moved significant accumulated debt off itel firms balance sheet ; within the late 1989s Itel corp had expanded aggressively into your north yankee railcar leasing business with a variety of acquisitions, also as acquiring interests in different connected logistics and transportation businesses. ge would pay rental payments of $150 million pa ( ge capital had too acquired itels container leasing business in 1990 for over $800 million. )
In 1997 GE Railcar entered towards a leasing agreement with manufacturer yankee car and foundry company ( acf ) out to lease 35000 vehicles ( over 3 quarters of its fleet ), with purchase and supplementary agreements make use of acfs repair facilities.
In 2008 GE attempted out to sell the business - GATX Corp offered $3 billion for the corporate other then the deal wasn't completed due out to difficulties raising funds due onto the late 2000 banking credit crisis. In 2011 finally it was reported that ge had once more placed the business up on the market - the assets were valued at $3 billion at finished of 2010. the unconfirmed sale try was reported as having been cancelled in July 2011. 12 within the late 2000, due to the drop in rail vehicle leasing due the general economic recession initiated via the 2000 monetary crisis ge railcar attempted out to alter the terms connected to $1. 2 billion contract (2007) for the acquisition of over 11000 rail vehicles direct from Greenbrier firms. the ge contract represented 84% of greenbriers ongoing railcar orders, and any reduction within the order volume was expected out to cause job and revenue losses additionally out to those already caused via the recession and also the production slowdown regarding the ge order. on 15 december 2009 ge and greenbrier reached a modified contract agreement within which greenbrier would manufacturer up out to 6000 units for ge. as terms on your contract greenbrier gained the proper of initial refusal out to manufacture any ge railcar order placed up out to december 2018, as well as a similar right out to any vehicle refurbishment up out to 2015. greenbrier too obtained maintenance co-partner agreement for ges rail rolling stock over a 5 year episode. the resultant contract gave greenbrier an order book of at the very least 4900 units valued at $430 million and an possibility to produce a additional 2200 vehicles. the renegotiated contract represented approximately 40% on your north yankee freight car business backlog.
