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Rail News: Mechanical

Greenbrier, Babcock & Brown team up to obtain, lease out rail cars


Today, The Greenbrier Cos. and Babcock & Brown Ltd. subsidiary Babcock & Brown Rail Management L.L.C. announced plans to jointly order and lease out more than 3,500 rail cars valued at $250 million. Comprising six types, the cars will be produced by four rail-car builders, including Greenbrier.

The companies will syndicate and manage the cars for third-party investors in North America, and possibly expand their agreement to include additional cars.

More than 80 percent of the cars have secured leases through a joint marketing effort between Greenbrier and Babcock & Brown. Most cars are expected to be delivered this year.

"This new relationship expands each company's access to new equipment,” said Greenbrier President and Chief Executive Officer William Furman in a prepared statement.

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More News from 4/29/2005