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7/20/2001
Rail News: Rail Industry Trends
CIT Rail Resources, Alstom team up on second lease transaction
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CIT Rail Resources July 19 signed an agreement with Alstom Canada Inc., under which the two companies would lease five remanufactured locomotives to Great Canadian Railtour.
The deal — CIT Rail Resources' first transaction through its new Canadian office, CIT Credit Group Alberta Inc. — is the second collaboration between CIT and Alstom in seven months, following CIT's December 11 acquisition of 100 newly remanufactured SD40-2 locomotives from Alstom that were leased to CSX Transportation in the first quarter.
"Despite the current economic slowdown, CIT has continued its aggressive expansion efforts, and we see the Canadian rail market as one that holds great potential for us," said George Cashman, CIT Rail Resources senior vice president of finance, in a prepared statement.
The deal — CIT Rail Resources' first transaction through its new Canadian office, CIT Credit Group Alberta Inc. — is the second collaboration between CIT and Alstom in seven months, following CIT's December 11 acquisition of 100 newly remanufactured SD40-2 locomotives from Alstom that were leased to CSX Transportation in the first quarter.
"Despite the current economic slowdown, CIT has continued its aggressive expansion efforts, and we see the Canadian rail market as one that holds great potential for us," said George Cashman, CIT Rail Resources senior vice president of finance, in a prepared statement.
