Jump to content


Photo

GE sells tank car fleet; railcar repair and railcar leasing unit


  • Please log in to reply
1 reply to this topic

#1 CNJRoss

CNJRoss

    Administrator

  • Admin
  • PipPip
  • 43390 posts
  • Gender:Male
  • Location:Fairfax, VA

Posted 08 October 2015 - 03:55 PM

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.

 

Continue here.



#2 CNJRoss

CNJRoss

    Administrator

  • Admin
  • PipPip
  • 43390 posts
  • Gender:Male
  • Location:Fairfax, VA

Posted 07 November 2015 - 06:22 PM

Bloomberg Business, 11/6:

 
Berkshire Discloses $1 Billion Price Tag for GE Railroad Assets
  • Buffett's Marmon unit picks up 25,000 tank cars in the deal
  • BNSF, Berkshire's railroad, sees profit rise on fuel-cost drop
 

Berkshire Hathaway Inc., the company controlled by billionaire investor Warren Buffett, said the price for the railroad assets it agreed to buy from General Electric Co. in September was about $1 billion.

 

Marmon Holdings, a unit of Buffett’s company, acquired about 25,000 tank cars and other equipment from GE in the deal, according to a filing issued Friday by Omaha, Nebraska-based Berkshire. While the transaction had been announced earlier, the price wasn’t disclosed. BNSF, one of the largest U.S. railroads, is also owned by Berkshire.

 

Wells Fargo & Co., the world’s largest bank by market value, agreed to buy the bulk of a railcar- and locomotive-leasing unit from GE in September as the industrial giant retreats from financial services. The Berkshire and Wells Fargo deals dismantle what was General Electric Railcar Services LLC, a $4 billion-asset business that leases freight and tank cars and offers loans and maintenance services.

 

Continue here.






0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users