Lake Oswego, Oregon - The Greenbrier Companies, (NYSE: GBX) announced today that it completed the previously disclosed acquisition of the Freight Wagon Division of DaimlerChrysler Rail Systems GmbH, Berlin (Adtranz).
The sale included a comprehensive portfolio of wagon designs certified for the European marketplace, and a freight wagon order book with an estimated value of 155 million DM (US $82 million). The Freight Wagon Division, located in Siegen, Germany, provides expertise in the fields of engineering, design, sales and marketing, and project management. The Adtranz division is a major supplier of freight wagons in Germany and throughout Europe.
The acquisition complements Greenbrier's existing European operations, which include WagonySwidnica, a freight wagon manufacturing facility located in Poland. A portion of the order backlog will be produced at WagonySwidnica.
William A. Furman, Greenbrier's president and chief executive officer said, "Now that the acquisition is completed, we are doing business on a much larger scale with production taking place on a sub-contract basis at several factories in other countries. This is an excellent opportunity to provide additional production at WagonySwidnica, which already is producing and exporting quality freight wagons successfully. WagonySwidnica has been very successful in Poland, employing 750 workers and increasing wages by 80%. WagonySwidnica exports wagons to Germany, Scandinavia, France, and even North America."
The Greenbrier Companies, headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry in North America. Greenbrier builds new railroad freight cars in the U.S., Canada, and Mexico, and repairs and refurbishes freight cars and wheels at ten locations across North America. The company builds new freight cars for the European market through its WagonySwidnica subsidiary in Poland. Greenbrier builds ocean-going barges for the maritime industry in North America. Greenbrier owns or manages a fleet of approximately 33,000 railcars.
SOURCE Greenbrier Companies