Vertex Railcar to close its doors

Vertex Railcar Corp., the start-up builder in Wilmington, N.C., is expected to cease operations by the end of this year, according to a published report.

Sander gives Bombardier new traction

Bombardier Transportation has appointed Elliot G. (Lee) Sander as President of its Americas Region, effective Nov. 19, 2018. In addition to ensuring that the company “delivers on its commitments in the region,” Sander will oversee all sales and business development activities for Bombardier Transportation in the Americas.

Greenbrier and Saudi Railway Company to form joint venture

U.S.-based railcar builder The Greenbrier Cos. further extended its global footprint with an agreement for rail projects and freight cars in Saudi Arabia.

Alberta tar sands lobby demands CBR nationalization

Even in this new world order, when profoundly held beliefs are cast aside according to the whims of political weather, the Oct. 24 call by the Canadian oil lobby for a government takeover of crude by rail (CBR) is a stunning abandonment of principle.

Tank car building surge imminent: Cowen

An estimated 64,000 DOT117J (new) and DOT117R (retrofit) tank cars will be produced over the 2019-2022 time frame as confidence grows in a tank car demand resurgence, according to Cowen and Company analyst Matt Elkott.

Hedge fund to acquire carbuilder ARI

Amid a surging market for new railcars, American Railcar Industries agreed to sell itself back to a group led by its former founder and CEO at a premium more than 50% above its share price.

AllTranstek expands services

AllTranstek L.L.C. has added Tax & Audit Services to its fleet management offerings, and has named industry veteran John Hoyt as Manager of the newly created service. The company said it created the new service “to respond to the growing demand for assistance in the highly specialized areas of monitoring tax code changes, ad valorem tax compliance and assessment reviews.”

Buff? Draft? CN rolls out centerbeams with new energy management tech

A fleet of new centerbeam cars are being deployed by CN, with patented energy management technology designed to reduce train separations in transit.

Railcar market recovery remains intact: Cowen

Cowen and Company’s 3Q18 rail equipment survey indicates that the railcar market recovery remains intact, even though the survey’s results were “somewhat mixed,” according to analyst Matt Elkott. The percentage of shippers planning to order railcars “inched up very slightly, while order sizes decreased a bit. We expect strong 3Q18 orders, driven partly by crude tank car and intermodal equipment demand.”

CIT sells European rail unit

CIT Group Inc. has completed the sale of NACCO, its European rail leasing business, in two separate transactions: to German-based VTG Aktiengesellschaft (VTG), and to a consortium of WASCOSA AG and a subsidiary of Aves One AG. Net proceeds were $1.1 billion, based on current exchange rates, and included approximately $1.2 billion in assets, which resulted in a modest pre-tax gain, CIT said.

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