GATX

Last updated

GATX Corporation
Company type Public company
NYSE:  GATX
S&P 400 component
IndustryRailcar leasing
Founded1898;126 years ago (1898)
FounderMax Epstein
Headquarters Chicago, Illinois
Key people
Robert C. Lyons, CEO
RevenueIncrease2.svg $1.209 billion (2020)
Decrease2.svg $151 million (2020)
Total assets Increase2.svg $8.937 billion (2020)
Total equity Increase2.svg $1.957 billion (2020)
Number of employees
1,904 (2020)
Website www.gatx.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1]
GATX tank car in Europe GATX 37 84 7829 533-0, 2020 Albertirsa.jpg
GATX tank car in Europe

GATX Corporation is a railcar lessor that owns fleets in North America, Europe, and Asia. In addition, jointly with Rolls-Royce Limited, it owns one of the largest aircraft spare engine lease portfolios. It is headquartered in Chicago, Illinois. As of December 31, 2020, the company owned 148,939 rail cars, including 83,959 tank cars, 64,980 freight cars, and 645 locomotives. Other major car types owned include covered hoppers, open-top hopper cars, and gondolas. It primarily serves the petroleum industry (29% of 2020 revenues), chemical industry (22% of 2020 revenues), food industry (11% of 2020 revenues), mining industry (10% of 2020 revenues), and transportation industry (20% of 2020 revenues). [1]

Contents

History

The company was founded as Atlantic Seaboard Dispatch in Chicago, Illinois, in 1898 by Max Epstein to ship beer in refrigerated railcars for Duquesne Brewing Company. [1] [2]

In 1902, the company was renamed German-American Car Co. In 1916, it changed its name to General American Tank Car Corp. and became a public company via an initial public offering, and in 1933, it was renamed General American Transportation Corp. [2]

In 1949, the company worked with designer Russel Wright to develop "Meladur", a melamine dinnerware. [3]

Effective January 1, 2000, General American Transportation Corporation was renamed GATX Rail Corporation, a unit of GATX Corporation. [4]

In 2004, the company sold its technology-leasing unit to CIT Group for about $200 million in cash. [5]

In September 2013, the company sold its 37.5% interest in AAE Ahaus Alstätter Eisenbahn Cargo AG to its partner, AAE Ahaus Alstätter Eisenbahn, for €84.5 million. [6]

In March 2014, the company acquired the North American per diem boxcar fleet of GE Capital Rail Services, consisting of more than 18,500 boxcars. [7]

In November 2018, the company announced an agreement to acquire up to 3,100 railcars from ECN Capital for up to $229 million. [8]

In May 2020, the company sold American Steamship Company, its dry bulk vessel business, to Rand Logistics for $260 million. [9]

In December 2020, the company acquired Trifleet Leasing Holding B.V., the fourth largest global tank container lessor. [10]

Reporting marks

GATX's primary freight car reporting marks are:

GATX also owns other marks including GABX, GAEX, GCCX, GFSX, GOHX, GSCX, IPSX, and TRIX including for General American Marks Company and GATX Rail. Many GATX cars carry a large "GATX" logo in the upper corner of the cars regardless of the reporting mark they carry; this logo is applied for marketing reasons and does not have any operational significance. [11]

Related Research Articles

<span class="mw-page-title-main">Railroad car</span> Vehicle used for carrying cargo or passengers on rail transport system

railroad car, railcar, railway wagon, railway carriage, railway truck, railwagon, railcarriage or railtruck, also called a train car, train wagon, train carriage or train truck, is a vehicle used for the carrying of cargo or passengers on a rail transport network. Such cars, when coupled together and hauled by one or more locomotives, form a train. Alternatively, some passenger cars are self-propelled in which case they may be either single railcars or make up multiple units.

<span class="mw-page-title-main">Tank car</span> Train car for holding liquids and gases

A tank car is a type of railroad car or rolling stock designed to transport liquid and gaseous commodities.

<span class="mw-page-title-main">Hawker Siddeley Canada</span> Manufacturing company

Hawker Siddeley Canada was the Canadian unit of the Hawker Siddeley Group of the United Kingdom and manufactured railcars, subway cars, streetcars, aircraft engines and ships from the 1960s to 1980s.

TTX Company is a provider of railcars and related freight car management services to the North American rail industry. TTX's pool of railcars—over 168,000 cars and intermodal well cars—supports shippers in several industries where flatcars, boxcars and gondolas are required.

The General American Marks Company is a part of GATX Corporation, formerly the General American Transportation Company, headquartered in Chicago. GATX Corporation owns businesses that lease railcars, locomotives, and aircraft.

<span class="mw-page-title-main">Fruit Growers Express</span>

Fruit Growers Express (FGE) was a railroad refrigerator car leasing company that began as a produce-hauling subsidiary of Armour and Company's private refrigerator car line. Armour controlled both the packing operations and the transport insulated railroad car line, and its customers had complained they were overcharged. In 1919 the Federal Trade Commission ordered the company's spinoff of Fruit Growers Express for antitrust reasons, which was accomplished by 1920.

<span class="mw-page-title-main">GE Capital Rail Services</span> Former American railcar leasing company

GE Capital Rail Services, also known as GE Railcar, or GE Railcar Services Corporation was a business unit of GE Capital, a division of General Electric. It was a distinct business unit from General Electric's railway locomotive manufacturer.

The Greenbrier Companies is an American publicly traded transportation manufacturing corporation based in Lake Oswego, Oregon, United States. Greenbrier specializes in transportation services, notably freight railcar manufacturing, railcar refurbishment and railcar leasing/management services. The company is one of the leading designers, manufacturers and marketers of rail freight equipment in North America and Europe. It also has operations in South America, Poland, Romania and Turkey. Greenbrier is a leading provider of railcars, wheelsets, parts, management, leasing and other services to the railroad and related transportation industries in North America. As of August 31, 2021, Greenbrier employs 15,400 people across its global operations. Formed in 1981 and publicly traded since 1994, the company generates revenues of US$3.49 billion.

Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.

<span class="mw-page-title-main">Shortline railroad</span> Type of railroad

A shortline railroad is a small or mid-sized railroad company that operates over a relatively short distance relative to larger, national railroad networks. The term is used primarily in the United States and Canada. In the former, railroads are categorized by operating revenue, and most shortline railroads fall into the Class III or Class II categorization defined by the Surface Transportation Board.

<span class="mw-page-title-main">National Steel Car</span>

National Steel Car is the largest manufacturer of railway rolling stock in Canada, based in Hamilton, Ontario. The company was founded in 1912, and has been a top 3 rolling stock manufacturer in Canada for its lifetime. National Steel Car is a subsidiary of National Industries Inc. and is currently led by Greg Aziz, chairman and CEO of National Steel Car.

<span class="mw-page-title-main">United Wagon Company</span> Russian freight car manufacturer

United Wagon Company is Russia's leading and one of the world's biggest manufacturers of freight cars. The company is on the Russian Ministry for Economic Development list of strategically important organizations.

<span class="mw-page-title-main">Wells Fargo Rail</span> American Railcar Leasing Company

Wells Fargo Rail is the new name for the historic First Union Rail Corporation, along with the combined business of the former GE Capital Rail Services, which Wells Fargo purchased from GE in September 2015. The new company/name took effect January 1, 2016, and is based in Rosemont, Illinois, USA. Wells Fargo Rail is the largest railcar and locomotive operating lessor in North America with more than 135,000 railcars and 850 locomotives.

References

  1. 1 2 3 "GATX Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 "General American Transportation Corp". Encyclopedia of Chicago .
  3. "NATIONAL HISTORIC LANDMARK NOMINATION: MANITOGA". National Park Service. February 17, 2006.
  4. "GATX Corporation 1999 Annual Report" (PDF).
  5. "Company News: CIT TO BUY LEASING UNIT FROM GATX FOR ABOUT $200 MILLION" . The New York Times . Bloomberg News. April 16, 2004.
  6. "GATX Corporation Announces the Sale of Its Interest in AAE Cargo" (Press release). Business Wire. September 26, 2013.
  7. "GATX Corporation Announces Acquisition of More Than 18,500 Railcars from GE Capital Rail Services" (Press release). GlobeNewswire. March 24, 2014.
  8. "GATX Corporation Announces Acquisition of Up to 3,100 Railcars" (Press release). GlobeNewswire. November 12, 2018.
  9. "GATX Corporation Completes Sale of American Steamship Company Business Segment" (Press release). GlobeNewswire. May 14, 2020.
  10. "GATX Corporation Acquires Tank Container Lessor Trifleet Leasing" (Press release). GlobeNewswire. December 30, 2020.
  11. "Interchange: General American Transportation Corp". pennsyrr.com. Retrieved February 5, 2022.