Trinity Industries on Nov. 3 reported entering into a definitive agreement to sell its highway products business to Monomoy Capital Partners for $375 million in cash; the move will allow Trinity to “fully focus” on its rail-related business.
While Trinity Industries’ Rail Products Group was “challenged” in third-quarter 2021, the Railcar Leasing and Management Service Group had “another quarter of strong performance, and we maintain our view that market fundamentals for railcar leasing should continue to ramp up into 2022,” President and CEO Jean Savage said on Oct. 21.
Trinity Industries, Inc., and global alternative investment manager Wafra, Inc., have teamed on a new program that will invest in “diversified portfolios of leased railcars originated by Trinity Industries Leasing Company.” It will target up to $1 billion in total acquisitions over a three-year period, the companies reported.
Trinity Industries, Inc., is “very pleased to build on the momentum growing in our business as railcar demand and the overall U.S. economy continue to recover,” President and CEO Jean Savage said during a second-quarter 2021 earnings announcement on July 22.
![“These refinancings [of TRIP Holdings and RIV 2013] are part of Trinity’s strategic initiatives to improve our returns and drive shareholder value through lowering our cost of capital, and will result in the reduction of the Company’s cost of debt by 50 basis points,” Trinity EVP and CFO Eric Marchetto said.](https://www.railwayage.com/wp-content/uploads/2021/06/Trinity-300x169.png)
Trinity Industries’ two partially owned lease subsidiaries have entered into agreements to refinance more than $1.2 billion in outstanding debt.
Railcar demand is on the rise, but so is the price of steel, which Cowen and Company estimates has put a 15%-25% premium on newly built equipment.
While “encouraged by the improving trends for our business and the economy as a whole,” market uncertainty due to the pandemic remains a headwind, Trinity Industries President and CEO Jean Savage reported during a April 22 earnings announcement, noting “[w]e are focused on what is more within our control in optimizing our cost structure and balance sheet.”
Trinity Industries, Inc. has publishing its inaugural 2020 Corporate Social Responsibility (CSR) Report, which details the company’s ESG (Environmental, Social, and Governance) initiatives and response to COVID-19.
Trinity Industries’ financial and operating results for fourth-quarter and full-year 2020 reflect “the decline in railcar demand” following the pandemic, President and CEO Jean Savage reported on Feb. 24.
Trinity Industries Leasing Company (TILC) has put into action its new Green Financing Framework. Business affiliate TrinityRail Maintenance Services is scaling back its Vidor, Tex., plant.
