(CIT distributed the following press release on April 9.)
LIVINGSTON, N.J. — CIT Group Inc. (NYSE: CIT) announced today that its CIT Rail Resources business unit has acquired Flex Leasing Corporation of San Francisco, California. Flex Leasing was founded in 1996 and leases railcars to railroads and shippers in the United States and Canada.
“This move by Rail Resources is part of CIT Group’s overall strategy to make opportunistic purchases where they fit nicely into our existing businesses,” said Albert R. Gamper, Jr., chairman, president and CEO of CIT.
CIT will acquire Flex Leasing’s fleet of 7,200 general-purpose freight railcars, which represents approximately $400 million in assets, increasing CIT’s overall fleet to 54,000 railcars. The average age of CIT’s combined railcar fleet will be seven years.
“The quality of Flex’s modern fleet, whose railcars are highly compatible with our own existing fleet, makes this an attractive acquisition,” said Steve McClure, president of CIT Rail Resources. “We have seen an improvement in demand from railroads and shippers in the last several months and this acquisition will enable us to take advantage of this increased activity.”
About CIT
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer financecompany, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT holds leading positions in vendor financing, U.S. factoring, equipment and transportation financing, Small Business Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in New York City and Livingston, New Jersey, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit
About CIT Rail Resources
CIT Rail Resources provides a wide array of equipment leasing and financial products to the rail industry and owns and manages a fleet in excess of 54,000 railcars and approximately 550 locomotives. As one of the leading railcar and locomotive lessors in North America, CIT Rail Resources serves customers in the U.S., Canada and Mexico and is the largest operating lessor of 286,000-pound capacity railcars in North America.