Press Releases

17 Sep

New Greenbrier Europe catalog 2018

Greenbrier Europe has published a new product catalog. On 180 pages the company presents the complete product portfolio.

Freight wagons, tank wagons, car carriers and bogies. With extensive product information on features, capabilities, measurements and parameters.

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08 Aug

Greenbrier Acquires Majority Interest in Turkish Railcar Builder Rayvag

The Greenbrier Companies, Inc. (NYSE: GBX) today announced that it has completed an agreement between Rayvag Vagon Sanayi ve Ticaret A.S. ("Rayvag")...


 

LAKE OSWEGO, Ore. Aug. 8, 2018 /PRNewswire/

Rayvag is a railcar manufacturing company based in Adana, Turkey. Rayvag also provides maintenance services for railcars and manufactures bogies and spare parts for railcars in the region. It was founded in 2007 by Asim Suzen who retains a 32% equity interest in the business. Suzen continues to serve Rayvag as its Managing Director and is also a member of the Turkish Minister of Transportation's Railway Transportation Association. 

"Rayvag is committed to growth but could not achieve scale without this investment by Greenbrier," Suzen said. "Greenbrier-AstraRail's expertise in designing freight wagons that meet European rail standards, as well its world-class manufacturing systems and procurement practices, position Rayvag to respond to the rapidly advancing demands of Turkey's freight rail industry. Greenbrier's financial strength also provides Rayvag with a partner capable of pursuing the substantial growth that we foresee in the Turkish railway supply business during the coming years.  I am proud to lead Rayvag under Greenbrier's majority ownership."

The freight transport sector in Turkey is growing quickly and the Turkish government is committed to modernizing the existing rail system. Beginning in 2014, the state-owned Turkish Railways opened the rail network to use by private operators.  Since then, freight movement on the railroad is on the rise. With rail freight volumes expected to see an increase of 65 million tons by 2023, the Turkish government plans to expand rail lines, proposing to invest more than $23.5 billion USD toward rail infrastructure projects through 2023.  The Turkish rail industry also is migrating to European rail standards for its infrastructure as intercontinental rail traffic grows.  Greenbrier-AstraRail is the leading designer and manufacturer of freight wagons built to European rail standards.

Greenbrier's presence in Turkey, through its interest in Rayvag, continues its pursuit of growth by accessing global freight markets. Adding Rayvag to Greenbrier Europe, which also includes Poland's WagonySwidnica and Romania's AstraRail, extends Greenbrier's continental reach.  This allows Greenbrier Europe to acquire new railcar customers while also allowing it to serve existing customers which operate on the nearly 5,500-mile Turkish rail system.  Despite strong rail penetration across the country, currently only 5% of Turkey'sfreight traffic moves by rail, compared to an average 17% of freight transported by rail in Europe.  The expanse of the Turkish rail system and Turkey's strategic location between Europe and Asia makes it a prime location for freight rail growth.

"Greenbrier views Turkey and the Mediterranean region as a key corridor within the global freight railway system. Expansion into Turkey is a logical extension of our market-leading Greenbrier Europe operation. Turkey broadens Greenbrier's presence in the region where we are successfully working with Saudi Railway Company (SAR) on key rail projects and are planning to partner with other Gulf Cooperation Countries on railway supply needs in those nations.  We look forward to growing our presence in the Turkish rail market and the opportunity to be a part of the industry's growth within the region." said William A. Furman, Greenbrier Chairman and CEO. "Greenbrier's investment in Rayvag further demonstrates our commitment to enter promising international railcar markets.  This will produce greater shareholder returns as Greenbrier grows its leadership on four continents as a global manufacturer in the expanding worldwide freight railcar industry." 

About Greenbrier

Greenbrier­­, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Greenbrier designs, builds and markets freight railcars and marine barges in North America. Greenbrier-AstraRail is an end-to-end freight railcar manufacturing, engineering and repair business with operations in Poland, Romania and Turkey that serves customers across Europe and in the nations of the GCC. Greenbrier builds freight railcars and rail castings in Brazil through two separate strategic partnerships. We are a leading provider of wheel services, parts, railcar management & regulatory compliance services and leasing services to railroads and related transportation industries in North America.  Greenbrier offers freight railcar repair, refurbishment and retrofitting services in North Americathrough GBW, a joint venture with Watco Companies, LLC. Through other unconsolidated joint ventures, we produce tank heads and other components and have an ownership stake in a leasing warehouse. Greenbrier owns a lease fleet of 7,900 railcars and performs management services for 356,000 railcars. Learn more about Greenbrier at www.gbrx.com.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:  This press release may contain forward-looking statements, including any statements that are not purely statements of historical fact. Greenbrier uses words such as "anticipates," "believes," "forecast," "potential," "goal," "contemplates," "expects," "intends," "plans," "projects," "hopes," "seeks," "estimates," "strategy," "could," "would," "should," "likely," "will," "may," "can," "designed to," "future," "foreseeable future" and similar expressions to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, reported backlog and awards that are not indicative of Greenbrier's financial results; uncertainty or changes in the credit markets and financial services industry; high levels of indebtedness and compliance with the terms of Greenbrier's indebtedness; write-downs of goodwill, intangibles and other assets in future periods; sufficient availability of borrowing capacity; fluctuations in demand for newly manufactured railcars or failure to obtain orders as anticipated in developing forecasts; loss of one or more significant customers; customer payment defaults or related issues; policies and priorities of the federal government regarding international trade, taxation and infrastructure; sovereign risk to contracts, exchange rates or property rights; actual future costs and the availability of materials and a trained workforce; failure to design or manufacture new products or technologies or to achieve certification or market acceptance of new products or technologies; steel or specialty component price fluctuations and availability and scrap surcharges; changes in product mix and the mix between segments; labor disputes, energy shortages or operating difficulties that might disrupt manufacturing operations or the flow of cargo; production difficulties and product delivery delays as a result of, among other matters, costs or inefficiencies associated with expansion, start-up, or changing of production lines or changes in production rates, changing technologies, transfer of production between facilities or non-performance of alliance partners, subcontractors or suppliers; ability to obtain suitable contracts for the sale of leased equipment and risks related to car hire and residual values; integration of current or future acquisitions and establishment of joint ventures; succession planning; discovery of defects in railcars or services resulting in increased warranty costs or litigation; physical damage or product or service liability claims that exceed Greenbrier's insurance coverage; train derailments or other accidents or claims that could subject Greenbrier to legal claims; actions or inactions by various regulatory agencies including potential environmental remediation obligations or changing tank car or other railcar or railroad regulation; and issues arising from investigations of whistleblower complaints; all as may be discussed in more detail under the headings "Risk Factors" and "Forward Looking Statements" in Greenbrier's Annual Report on Form 10-K for the fiscal year ended August 31, 2017, Greenbrier's Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2018, and Greenbrier's other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. Except as otherwise required by law, Greenbrier does not assume any obligation to update any forward-looking statements.

SOURCE The Greenbrier Companies, Inc. (GBX)

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13 Oct

Greenbrier-AstraRail formed in Europe-based merger between Greenbrier Europe and AstraRail

~ Advances Greenbrier’s international strategy ~ Greater scale in freight rail markets, products and services ~ Added capabilities for emerging global...

Arad, October 13, 2016 – The Greenbrier Companies, Inc. (NYSE: GBX) and AstraRail

Management GmbH today announced plans to form a new company, Greenbrier-AstraRail, that will create an end-to-end, Europe-based freight railcar manufacturing, engineering and repair business. The combined enterprise will be formed between Greenbrier’s European operations headquartered in Swidnica, Poland and AstraRail based in Germany and Arad, Romania. It will be led by an experienced Europe-based management team from both companies. Greenbrier-AstraRail will offer manufacturing and service capability in Europe with greater scale and efficiency for current customers. It also provides the opportunity to pursue growth in railcar markets in the Gulf Cooperation Council (GCC) nations and Eurasia. As partial consideration for its majority interest, Greenbrier will pay AstraRail €30 million at closing and €30 million 12 months after closing. Greenbrier expects the transaction to be accretive to earnings per share by the end of fiscal year 2017.

Greenbrier-AstraRail will be controlled by Greenbrier with an approximate 75% interest. AstraRail’s Chairman Thomas Manns will own the remainder of the new company. In addition to his ownership stake, Manns will become Chairman of the Supervisory Board of Greenbrier-AstraRail and will lead the new company’s commercial operations, working closely with its Management Board and Jim Cowan, President of Greenbrier International. Also serving on the Supervisory Board will be Bill Furman, Chairman and CEO of Greenbrier; Alejandro Centurion, President of Greenbrier Global Manufacturing Operations; and Cowan. Daily operations will be led by a Management Board including Bernd Böse, CEO of AstraRail, who will become CEO and President, and Bogdan Lesnianski, CFO and the head of Greenbrier’s Wagony Swidnica operations, who will become CFO. The leadership team has decades of experience in railcar markets throughout Eastern and Western Europe, as well as experience in emerging markets around the world.

Greenbrier-AstraRail will include all European operations of Greenbrier and AstraRail. Currently, Greenbrier and AstraRail each operate three locations performing new railcar manufacturing, engineering and repair services. Greenbrier’s sites are in Poland and AstraRail’s sites are in Romania. Greenbrier also maintains a sales office in Germany. Additionally, AstraRail performs railcar design at a facility in Slovakia. Contracts with GCC-based customers for USstyle freight railcars will continue to be designed and manufactured under the direction of Greenbrier’s senior US manufacturing team. The new company will offer premier freight railcar sales, manufacturing and repair operations on the European continent. The railcar fleet in Western Europe is aging, with an average age of 25 years. This replacement demand, combined with anticipated growth in Europe and opportunities in nearby emerging markets, positions Greenbrier-AstraRail for success.

Furman said, “Greenbrier is committed to pursuing strategic opportunities for growth afforded by shifts in global demand for railcars. Greenbrier-AstraRail extends our core competency in freight railcar building, aftermarket services and engineering for all railroad gauges, with a network spanning from North and South America to all of Western Europe, the GCC and Eurasia. This will be a significant and positive step in our strategy for diversification, and AstraRail is a great partner. They bring new products to us as we do to them, and our present businesses are not directly competitive. Combining the Greenbrier Europe operations with AstraRail’s manufacturing and design capabilities and strong management team will be a benefit to our shared European railcar customers by creating a more efficient and responsive manufacturer that offers a broad range of products. The combined enterprise will bring increased scale in Europe. Importantly, it also will bring the capability to serve new global markets in places of increasing demand.”

Furman continued, “Coupled with our investments in Saudi Arabia, Brazil and Mexico, Greenbrier has grown its international footprint and created a global network. We are capable of supporting many markets from our global facilities, including an expanded platform in Europe, as we engage developing markets in the GCC, Africa and Eurasia. We believe there are significant future opportunities in international markets. Our integrated business model ensures we are well positioned to help customers globally with rail solutions.”

Commenting on the formation of Greenbrier-AstraRail, Manns said, “By combining the European operations of Greenbrier and AstraRail, we will create a company that will be stronger and more able to pursue future growth opportunities in the European region and beyond. This combination will expand our base of executive talent and will grow our engineering and technical resources for the support and development of freight railcar manufacturing and services throughout the world. I look forward to leading the team to future success, along with Bernd Böse and Bogdan Lesnianski, as well as fellow Greenbrier-AstraRail Directors Bill Furman, Alejandro Centurion, and Jim Cowan.”

Greenbrier-AstraRail will be headquartered in the Netherlands and will have principal operations in Poland and Romania. Greenbrier-AstraRail will have nearly 4,000 employees and 6 production and repair facilities across Europe.

Closing of the transaction is contingent on, among other conditions, achieving antitrust approval in certain EU countries.

About Greenbrier
Greenbrier (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry. Greenbrier builds new railroad freight cars in manufacturing facilities in the U.S., Mexico and Poland and marine barges at our U.S. manufacturing facility. Greenbrier sells reconditioned wheel sets and provides wheel services at locations throughout the U.S. We recondition, manufacture and sell railcar parts at various U.S. sites. Through GBW Railcar Services, LLC, a 50/50 joint venture with Watco Companies, LLC, freight cars are repaired and refurbished at over 30 locations across North America, including more than 10 tank car repair and maintenance facilities certified by the Association of American Railroads. Greenbrier owns a lease fleet of over 9,000 railcars and performs management services for over 268,000 railcars.

About AstraRail
In 1998, Thomas Manns, at the young age of 21, stepped in to run his family’s business of commercial vehicle rentals upon the death of his father. He built that company into a major force in Western and Eastern European markets. After selling the business in 2008, Mr. Manns entered the real estate business in Eastern Europe and Germany. In 2012, he purchased AstraRail properties and together with Mr. Bernd Böse, who runs the operative business of AstraRail, built the multi-plant business into a highly profitable operation with three manufacturing, engineering and repair factories in Arad, Severin and Caracal, Romaniaover the course of a few short years.

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