Wednesday, December 11, 2013

VTG expands U.S. railcar fleet

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Hamburg, Germany-based VTG Aktiengesellschaft (VTG), a railcar leasing and rail logistics company, said Tuesday, Dec. 10, 2013 it has expanded its U.S. railcar fleet.

VTG said it has added some 350 jumbo covered hoppers for dried distillers' grains (DDG), acquired by the U.S. subsidiary VTG Rail. The railcars have an average age of six years.

"This acquisition is an important step on the way to significantly rejuvenating and diversifying our U.S. fleet", said VTG CEO Dr. Heiko Fischer. "Furthermore, with this purchase, we are gaining an important new customer who requires the railcars for product distribution both in and beyond the U.S."

VTG Rail President Chris Schmalbruch expressed pleasure with the opportunity this new acquisition provides to grow the fleet and profitability, saying, "With the purchase of these cars we now have access to another promising market, where our highly motivated team can provide top level service to the leader in the premium DDG market."

VTG entered the North American market in 2008 with the acquisition of Texas Railcar Leasing Co. VTG says it doubled the number of railcars managed with further acquisitions in the following two years, and in 2011 again doubled the size of its fleet by adding another 2,400 railcars with its acquisition of the fleet owned by SC Rail Leasing America. VTG Rail now operates in the North American market with a fleet of more than 4,000 railcars.