NEW YORK — Reinforcing its commitment to maintaining the highest-quality fleet in North America, CIT Rail Resources, a unit CIT Group Inc. (NYSE: CIT), and one of North America’s leading rail equipment lessors, today announced that it has taken delivery of 50 new GM-built road switcher locomotives and 1,700 new railcars during the first half of 2002.
The locomotive purchase represents the largest order for switchers in over 15 years and includes 10 GP15D and 40 GP20D road switchers manufactured by GM’s Electro Motive Division (EMD). The locomotives are destined to be placed on operating leases with Class I, regional and short line railroads. This the fourth CIT purchase of new EMD locomotives since 1999 when the company purchased 40 EMD SD90MAC’s. The new railcar addition is comprised of center beams, pressure differential, cement and intermodal cars.
“CIT Rail Resources is the only North American lessor that offers new EMD locomotives on an operating lease basis, giving our customers the ability to utilize our technologically-advanced equipment and flexible financing solutions,” said Steve McClure, president of CIT Rail Resources. “These locomotives are environmentally friendly, offer lower operating costs, unmatched reliability and warranty protection, unit reduction capability, and a number of new comfort and safety features.”
“We have the newest railcar fleet, totaling approximately 500 locomotives and 45,000 railcars, serving customers throughout the US, Canada and Mexico,” added McClure. “Our utilization rates are close to an all-time high and we continue to stay focused on providing best-in-class service to our customers.”
About CIT Rail Resources
CIT Rail Resources provides a wide array of equipment leasing and financing solutions to the rail industry and owns and manages a fleet in excess of 45,000 railcars and approximately 500 locomotives. CIT Rail Resources is one of the leading railcar and locomotive lessors in North America serving customers in the US, Canada and Mexico.
About CIT Group Inc.
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, 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 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 http://www.cit.com.