GATX Corporation (NYSE:GATX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On May 24, 2018, GATX Corporation (the “Company”) entered into an amendment (the “Amendment”) to the long-term supply agreement dated November 3, 2014 (the “Agreement”) between the Company and Trinity Rail Group, LLC, a subsidiary of Trinity Industries, Inc. to the Amendment, the term of the Agreement was extended from March 2020 to December 31, 2023, and the Company agreed to purchase an additional 4,800 tank cars (1,200 per year) beginning in January 2020 and continuing through expiration of the extended term. Pricing will be on an agreed upon or cost-plus basis subject to certain specified adjustments and surcharges.
The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the complete text of the Amendment. The Company intends to submit a Confidential Treatment Request with the Securities and Exchange Commission to Rule 24b-2 under the Securities Exchange Act of 1934, as amended, for certain portions of the Amendment. The Amendment, in redacted form subject to such confidential treatment request, will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
About GATX Corporation (NYSE:GATX)
GATX Corporation is a railcar lessor, owning fleets in North America, Europe and Asia. The Company operates through four segments: Rail North America, Rail International, American Steamship Company (ASC) and Portfolio Management. Rail North America provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International comprises the Company’s European operations, GATX Rail Europe (GRE), and a railcar leasing business in India (Rail India), as well as one development-stage affiliate in China. ASC operates a fleet of the United States-flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities, such as iron ore, coal, limestone aggregates and metallurgical limestone. Portfolio Management generates leasing, marine operating, asset remarketing and management fee income through a collection of diversified assets and joint venture investments.