Trinity Industries, Inc. (NYSE:TRN) today announced that its subsidiary, Trinity Railcar Repair, Inc., has acquired the assets of Seaboard Railcar Repair (“Seaboard”). Seaboard provides a full range of services for both tank and freight railcars ranging from standard maintenance and program modifications to specialized cleaning, blasting, lining, painting, inspection and testing. The transaction includes the acquisition of two maintenance facilities located in Oklahoma and North Carolina with access to a number of major railroad interchanges. The assets and results of operations of this acquisition will be reflected in the Rail Group for financial reporting purposes.
“As a longstanding, key customer of Seaboard Railcar Repair, we have a deep respect for the quality of services and maintenance capabilities provided by this company,” said D. Stephen Menzies, Trinity Industries, Inc. Senior Vice President and the group president responsible for Trinity’s railcar manufacturing and leasing businesses. “This transaction supports the growth of our lease fleet and the associated maintenance and regulatory compliance required as the fleet ages.”
Trinity’s leasing company has been a customer of Seaboard, representing a large portion of its business. The associated revenue and profit will be eliminated in consolidation, and the acquisition will not have a material impact on Trinity’s consolidated financial results.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified industrial company that owns market-leading businesses which provide products and services to the energy, transportation, chemical and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit:
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