RailResource, 10/2:
GE Sells Tank Cars & Repair Shops to Marmon, Remaining GE Railcar Services to Wells Fargo
Marmon Holdings, Inc. [1], a Berkshire Hathaway company, has acquired substantially all of GE Railcar Services [2] fleet of railroad tank cars and, in a separate agreement that will be completed by the end of 2015, has also agreed to acquire certain GE Railcar Repair Services repair and maintenance facilities.
SNIP
Additionally, Wells Fargo & Company [5] has announced that First Union Rail [6], its railcar finance, leasing and fleet management business, has agreed to purchase GE Railcar Services [2] from GE Capital [7]. The transaction will add more than 77,000 railcars and just over 1,000 locomotives to First Union’s existing fleet as well as associated operating and long-term leases. The transaction is expected to close by end of the first quarter of 2016, and terms are not being disclosed.
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