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News Breaks
June 4, 2014
05:39 EDTGBXGreenbrier, Watco announce railcar repair JV GBW Railcar Services
Greenbrier announced a new company that will create a world-class network of railcar repair shops. The 50/50 joint venture forms GBW Railcar Services, which will own and operate Greenbrier's and Watco's respective railcar repair, refurbishment and maintenance businesses. GBW will have the scale to meet the certification and maintenance requirements of the growing North American tank car fleet and expand railcar repair service offerings for general freight cars of nearly all types. With current combined annual revenue of approximately $325M and a geographically diverse network of 38 facilities located across North America, GBW will employ more than 2,100 team members. GBW will be one of the largest independent railcar repair shop networks in North America ranked by number of locations and geographic diversity. GBW will be led by recent Greenbrier hire, Jim Cowan, as CEO.
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July 23, 2014
15:28 EDTGBXGreenbrier says prepared for tank-car retrofits required by DoT
The Greenbrier Companies responded to the U.S. Department of Transportation's proposed rulemaking on the safe movement of flammable liquids by rail, including crude oil and ethanol. While Greenbrier is examining the details of the proposed rulemaking and will provide full comments at a later date, Jack Isselmann, VP External Affairs and Communications today made the following statement: "Greenbrier is pleased that Secretary Foxx recognizes the urgency of completing this rulemaking and we commend his stated intention to issue a rule in the next 60 days. A final rule will provide the clarity the industry needs to make investments that ensure that crude oil and other flammable commodities are classified properly and transported in tank cars that are safer at any speed. We are also gratified that two of the three alternate new design standards proposed by the Department call for a 9/16-inch thick steel shell, a safety feature that Greenbrier has consistently championed with our next generation 'Tank Car of the Future' design. This design can better withstand the additional demands associated with operating unit trains like the high-hazard flammable trains identified today by the Department. A two-year timetable for phasing out the use of older DOT-111 cars in the most hazardous flammable service is aggressive, but can be achieved through a combination of increased new tank car production and appropriate retrofit packages for tank cars that meet a more robust safety standard. Greenbrier is prepared to meet the need for tank car retrofits with our newly-launched joint venture for railcar repair and retrofitting, GBW Railcar Services."
11:18 EDTGBXDoT proposes phase out of older DOT 111 tank cars for certain flammable liquids
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