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12/21/2012


Rail News: Railroading Supplier Spotlight
Rail supplier updates from Greenbrier, Thales, Bombardier, CBS Outdoor and Atkins (Dec. 21)



The Greenbrier Cos. Inc. reaffirmed that American Railcar Industries Inc.'s (ARI) conditional proposal to acquire the company for $22 per share is "unacceptable and not in the company shareholders' best interests," according to a Greenbrier press release. The company also refuted the characterization of events contained in a Dec. 19 letter from ARI. "Although representatives of the two companies and Greenbrier's advisers have held discussions on numerous occasions since November 2012, at no point during these discussions did representatives of Greenbrier or its advisers invite or encourage American Railcar to make an offer to acquire Greenbrier for a price in the range of $20 to $22 per share," Greenbrier officials said in the release. Greenbrier board members believe a combination of Greenbrier and ARI could benefit both companies, but they can't "support a transaction that undervalues the company and the potential benefits to American Railcar or overvalues American Railcar," Greenbrier officials said.

Thales Chairman and Chief Executive Officer Luc Vigneron resigned on Dec. 20 after acknowledging the lack of support of the group’s two main shareholders, the French State and the Dassault Aviation. The board appointed Jean-Bernard Levy as a director, and subsequently elected him chairman and CEO.  Most recently, Levy was appointed CEO of Vivendi before serving as chairman of its management board from 2005 until June 2012. The two largest shareholders “welcome this appointment and will work in agreement with senior a management to pursue the continued recovery of the group and its future development,” according to a Thales press release.

Bombardier Transportation announced Metrolinx/GO Transit has exercised options for 10 years of fleet maintenance services for commuter-rail service in the Toronto area. The contracts are valued at $937 million. Also, Bombardier announced it will deliver its ERTMS solution for the Warsaw-to-Gdynia section of Poland’s E65 line. That contract is valued at $153 million, with Bombardier’s share valued at $70 million, according to a company press release. In addition, Bombardier has obtained a $98 million order from Southern and Porterbrook Leasing for 40 ELECTROSTAR cars that will operate in London and the Southeast.

The Los Angeles County Metropolitan Transportation Authority (LACMTA) has approved a five-year advertising contract for CBS Outdoor Group, under which the firm will pay the agency $110 million for the rights to sell advertising on LACMTA trains, buses and properties, according to a blog posted on the agency’s website.

Atkins has appointed Nugent Laing program director for rail signaling in Coraopolis, Pa., and Graham Stroud, project director of asset management services in Edison, N.J. Laing has 21 years of experience, most recently as an independent consultant. He has worked with international suppliers and infrastructure owners, including Copenhagen's S-Bane commuter-rail network, London's Underground Jubilee Line, and Metro de Madrid. Stroud has served Atkins in England for 15 years. In his new role, he will advise transit agencies and administrations on sustainable and effective approaches for asset management.

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