CIT's leasing arm places order for 5,000 railcars
26 Jul 2011
CIT Group Inc, a global leader in transportation finance, today announced its leasing arm CIT Rail has placed orders for 5,000 railcars from a host of manufacturers.
CIT Rail, the third largest railcar lessor in North America, said deliveries are scheduled throughout 2012 and that the order includes the option for an additional 1,750 railcars received when the company ordered 3,500 railcars earlier this year.
"These orders reinforce our commitment to the rail transportation industry and will allow us to capitalise on growth opportunities within the market," CIT said in a release.
"It is important that we maintain a young, modern fleet of high-quality railcars that enable carriers and shippers to maximise loading efficiencies while transporting goods," said George Cashman, president of CIT Rail. "These orders reinforce our commitment to the rail transportation industry and will allow us to capitalise on growth opportunities within the market."
The orders are for Covered Hopper Cars and Tank Cars that support key industries, including oil/natural gas drilling, renewable fuels, and agriculture, which are experiencing increased demand and contributing to the economic recovery.
According to the Association of American Railroads (AAR), the nation's freight rail network supports more than 1.2 million jobs across the US.