Millennium Chemicals (NYSE:MCH)
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GATX Rail Announces Railcar Acquisition
CHICAGO, Jan. 7 /PRNewswire-FirstCall/ -- GATX Rail today announced the
purchase and lease-back of 1,176 modern, high-capacity, plastic pellet covered
hopper railcars. The cars are deployed under a long-term lease arrangement to
Equistar Chemicals, LP of Houston, TX. Equistar is a joint venture between
Lyondell Chemical Company and Millennium Chemicals, Inc. .
"We are excited to expand our relationship with Equistar through this
transaction," said David M. Edwards, President and CEO of GATX Rail. "We pride
ourselves on strong and lasting relationships with our customers, working
closely to provide the right equipment, financing and service solutions to meet
their competitive business needs. This transaction is a great example of our
focus on customer service - we provided Equistar with a financing alternative
that met their needs, while we capitalized on an opportunity to expand our fleet
through the acquisition of quality rail assets."
Ed Dineen, Senior Vice President of Equistar said, "We are pleased to continue
working closely with GATX Rail. This transaction exemplifies how two companies,
both leaders in their respective industries, can establish a win- win
relationship."
GATX Rail is one of the world's leading rail car lessors, with an interest in
over 165,000 cars. This acquisition expands GATX Rail's North American covered
hopper fleet to approximately 27,000 cars.
Equistar Chemicals, LP is one of the world's largest producers of ethylene,
propylene and polyethylene and a leading producer of ethylene oxide, ethylene
glycol, specialty polymers, wire and cable resins, and polyolefin powders.
COMPANY DESCRIPTION
GATX Rail is a division of GATX Financial Corporation, a wholly owned subsidiary
of GATX Corporation (NYSE:GMT). GATX Corporation (NYSE:GMT) is a specialized
finance and leasing company combining asset knowledge and services, structuring
expertise, partnering and risk capital to serve customers and partners
worldwide. GATX specializes in railcar and locomotive leasing, aircraft
operating leasing, and information technology leasing.
Investor, corporate, financial, historical financial, photographic and news
release information may be found at http://www.gatx.com/ .
DATASOURCE: GATX Corporation
CONTACT: Analysts & Investors, Robert C. Lyons, +1-312-621-6633, or
Rhonda S. Johnson, +1-415-955-3211, both of GATX Corporation
Web site: http://www.gatx.com/