Description
GATX Corporation is a railcar lessor that owns fleets in North America, Europe, and Asia. In addition, jointly with Rolls-Royce Limited, it owns one of the largest aircraft spare engine lease portfolios. It is headquartered in Chicago, Illinois. As of December 31, 2020, the company owned 148,939 rail cars, including 83,959 tank cars, 64,980 freight cars, and 645 locomotives. Other major car types owned include covered hoppers, open-top hopper cars, and gondolas. It primarily serves the petroleum industry (29% of 2020 revenues), chemical industry (22% of 2020 revenues), food industry (11% of 2020 revenues), mining industry (10% of 2020 revenues), and transportation industry (20% of 2020 revenues).
History
The company was founded as Atlantic Seaboard Dispatch in Chicago, Illinois in 1898 by Max Epstein to ship beer in refrigerated railcars for Duquesne Brewing Company.
In 1902, the company was renamed German-American Car Co., in 1916 it changed its name to General American Tank Car Corp. and became a public company via an initial public offering, and in 1933, it was renamed General American Transportation Corp.
In 1949, the company worked with designer Russel Wright to develop "Meladur", a melamine dinnerware.
Effective January 1, 2000, General American Transportation Corporation was renamed GATX Rail Corporation, a unit of GATX Corporation.
In 2004, the company sold its technology-leasing unit to CIT Group for about $200 million in cash.
In September 2013, the company sold its 37.5% interest in AAE Ahaus Alstätter Eisenbahn Cargo AG to its partner, AAE Ahaus Alstätter Eisenbahn, for €84.5 million.
In March 2014, the company acquired the North American per diem boxcar fleet of GE Capital Rail Services, consisting of more than 18,500 boxcars.
In November 2018, the company announced an agreement to acquire up to 3,100 railcars from ECN Capital for up to $229 million.
In May 2020, the company sold American Steamship Company, its dry bulk vessel business, to Rand Logistics for $260 million.
In December 2020, the company acquired Trifleet Leasing Holding B.V., the fourth largest global tank container lessor.
