GE's Rail Services Unit Announces Acquisition of Allrail Services
CHICAGO--(BUSINESS WIRE)--GE announced it is entering into an agreement to purchase the assets of privately held Allrail Services. Allrail provides railcar maintenance services through mobile repair units (MRU) and mini-repair shops to customers.
The terms of the transaction were not disclosed. Closing is currently scheduled for November 2006.
"This acquisition greatly complements our ability to provide a full range of maintenance services and increase our ability to respond to our customers," said Jay Wileman, president and CEO of GE Equipment Services, Rail Services. "The realities of today's regulatory environment call for greater flexibility and responsiveness to customer needs. Allrail will position us well to meet those needs."
The purchase of Allrail, based in Deer Park, Texas, provides Rail Services a foundation by which to build its maintenance services that form a key component of the company's operations strategy. The company's strategy is expanding to include services offerings such as VeriWiseTM RAIL in telematics and Maintenance MAXTM managed maintenance solutions.
About GE Equipment Services, Rail Services
A unit of the General Electric Company (NYSE:GE) and GE Equipment Services, Rail Services, headquartered in Chicago, Illinois, is a single-source provider for all aspects of railcar and intermodal fleet management, which today includes everything from leasing, financial services, maintenance, remarketing and asset tracking. Rail Services leases approximately 170,000 railroad cars--including grain hoppers, coal hoppers, tank cars, boxcars, plastics and other specialty hoppers, mill gondola, intermodal flat cars that carry highway semi trailers and intermodal containers. Additionally, the company leases 150,000 intermodal trailers, containers and chassis to shippers and railroads. For further information, visit www.ge.com/railservices.
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE Equipment Services, Rail Services
Frank Mantero, 312-853-5557