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Greenbrier completes formation of GBX Leasing
~ New leasing company to complement existing go-to-market strategy
~~ Creates stable, tax-advantaged cash flows
~~ Initial leased railcar portfolio consists of $200 million of assets in 2021
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LAKE OSWEGO, Oregon, April 6, 2021 /PRNewswire/ The Greenbrier Companies, Inc. (NYSE: GBX) ( Greenbrier ), a leading international supplier of equipment and services to global freight transportation markets, today announced that it has completed the formation of GBX Leasing, a special purpose subsidiary, to own and manage a portfolio of leased railcars primarily built by Greenbrier.
GBX Leasing will acquire approximately $200 million per annum of newly-built and leased railcars from Greenbrier. The initial portfolio for GBX Leasing has been identified from leased railcars on Greenbrier s balance sheet or in its backlog. GBX Leasing will observe Greenbrier s established, strict port
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“Greenbrier is well-positioned for an economic recovery,” Chairman and CEO William A. Furman said. “Our pipeline of new business inquiries in North America has expanded dramatically in the last 30 days.”
Greenbrier’s fiscal second-quarter 2021 financial results (the company begins its fiscal year on Oct. 1 of the prior year) are based on a $2.5 billion railcar backlog of 24,900 as of Feb. 28.
The backlog includes second-quarter orders of 3,800 units valued at more than $440 million. “Strong liquidity” will ready the company for an “upcoming recovery,” it reported April 6.
Greenbrier has also completed the formation GBX Leasing, a railcar leasing joint venture with The Longwood Group, which was announced Feb. 5. Greenbrier said it initially owns about 90% of GBX Leasin
Greenbrier completes formation of GBX Leasing prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
USA: Wagon manufacturer The Greenbrier Companies and transport asset advisory and management firm Longwood Group have announced plans to form a wagon leasing joint venture in the first quarter of this year.