(CIT Rail Resources issued the following news release on January 27.)
NEW YORK, N.Y. — CIT Rail Resources, an operating group of CIT, and one of North America’s largest railcar and locomotive lessors, announced today that it has signed an operating lease agreement with TFM, S.A. de C.V., one of the two largest railroads in Mexico, for 250 new 60-foot VersaCoil gondolas, manufactured by Johnstown America Corporation.
The cars will be utilized by a variety of customers within the automotive, steel, and manufacturing industries. The units will operate in and out of Mexico.
“The addition of the 60-foot VersaCoil gondola to our fleet allows us to continue providing our valued customers with the newest and most technologically-advanced cars in the industry,” said Steve McClure, president of CIT Rail Resources. “With an expected increase in demand from both railroads and shippers over the next three years, leasing these 250 VersaCoil gondolas allows TFM to retire its older fleet, optimizes fleet utilization and gives shipping customers of steel coils added flexibility because of the cars’ loading patterns.”
The 60-foot VersaCoil gondolas have a 9-Transverse-Trough Design with a single 49′ lightweight cover and offer 97 metric tons of capacity. TFM has been a CIT customer since 2000.
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.
About CIT
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 approximately 30 industries. CIT, a Fortune 500 company, 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 www.cit.com.