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4/9/2003



Rail News: Rail Industry Trends

CIT Rail Resources acquires Flex Leasing Corp.


On April 9, CIT Rail Resources announced it acquired Flex Leasing Corp., which was founded in 1996, and leases rail cars to U.S. and Canadian railroads and shippers. Terms weren't disclosed.


A subsidiary of CIT Group Inc., CIT Rail Resources will obtain Flex Leasing's 7,200-car fleet (valued at $400 million), which would boost CIT Rail's fleet to 54,000 and lower its fleet's average age to seven years.


"We have seen an improvement in demand from railroads and shippers in the last several months and this acquisition will enable us to take advantage of this increased activity," said CIT Rail Resources President Steve
McClure in a prepared statement.


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