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GATX

{{Use American English|date=April 2023}}

{{Use mdy dates|date=April 2023}}

{{Short description|Equipment finance company}}

{{Infobox company

| name = GATX Corporation

| logo = GATX Logo.svg

| image = EMD GP38-2 GMTX 2146.jpg

| image_caption = A GATX EMD GP38-2 locomotive

| type = Public company

| traded_as = {{NYSE|GATX}}
S&P 400 component

| industry = Railcar leasing

| foundation = {{Start date and age|1898}}

| founder = Max Epstein

| location = Chicago, Illinois

| key_people = Robert C. Lyons, CEO

| revenue = {{increase}} $1.209 billion (2020)

| net_income = {{decrease}} $151 million (2020)

| assets = {{increase}} $8.937 billion (2020)

| equity = {{increase}} $1.957 billion (2020)

| num_employees = 1,904 (2020)

| homepage = {{Official URL}}

| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/40211/000004021121000018/gmt-20201231.htm | title=GATX Corporation 2020 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission }}

}}

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

File:MaspethDSC02183 09.jpg

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.{{Cite encyclopedia |url=http://www.encyclopedia.chicagohistory.org/pages/2681.html |title=General American Transportation Corp |encyclopedia=Encyclopedia of Chicago }}

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.{{Cite web | url=https://npgallery.nps.gov/GetAsset/9d9563bc-c7e8-46b7-b600-348f055fbb74 | title=NATIONAL HISTORIC LANDMARK NOMINATION: MANITOGA | publisher=National Park Service | date=February 17, 2006 }}

Effective January 1, 2000, General American Transportation Corporation was renamed GATX Rail Corporation, a unit of GATX Corporation.{{Cite web | url=https://www.annualreports.com/HostedData/AnnualReportArchive/g/NYSE_GMT_1999.pdf | title=GATX Corporation 1999 Annual Report}}

In 2004, the company sold its technology-leasing unit to CIT Group for about $200 million in cash.{{Cite news | url=https://www.nytimes.com/2004/04/16/business/company-news-cit-to-buy-leasing-unit-from-gatx-for-about-200-million.html | title=Company News: CIT TO BUY LEASING UNIT FROM GATX FOR ABOUT $200 MILLION | agency=Bloomberg News | work=The New York Times | date=April 16, 2004 | url-access=limited}}

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.{{Cite press release | url=https://www.businesswire.com/news/home/20130926005750/en/GATX-Corporation-Announces-the-Sale-of-Its-Interest-in-AAE-Cargo | title=GATX Corporation Announces the Sale of Its Interest in AAE Cargo | publisher=Business Wire | date=September 26, 2013}}

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.{{Cite press release | url=https://www.businesswire.com/news/home/20140324005210/en/GATX-Corporation-Announces-Acquisition-of-More-Than-18500-Railcars-from-GE-Capital-Rail-Services | title=GATX Corporation Announces Acquisition of More Than 18,500 Railcars from GE Capital Rail Services | publisher=GlobeNewswire | date=March 24, 2014 }}

In November 2018, the company announced an agreement to acquire up to 3,100 railcars from ECN Capital for up to $229 million.{{Cite press release | url=https://www.globenewswire.com/news-release/2018/11/12/1650024/0/en/GATX-Corporation-Announces-Acquisition-of-Up-to-3-100-Railcars.html | title=GATX Corporation Announces Acquisition of Up to 3,100 Railcars | publisher=GlobeNewswire | date=November 12, 2018}}

In May 2020, the company sold American Steamship Company, its dry bulk vessel business, to Rand Logistics for $260 million.{{Cite press release | url=https://www.globenewswire.com/news-release/2020/05/14/2033603/0/en/GATX-Corporation-Completes-Sale-of-American-Steamship-Company-Business-Segment.html | title=GATX Corporation Completes Sale of American Steamship Company Business Segment | publisher=GlobeNewswire | date=May 14, 2020 }}

In December 2020, the company acquired Trifleet Leasing Holding B.V., the fourth largest global tank container lessor.{{Cite press release | url=https://www.globenewswire.com/news-release/2020/12/30/2151727/0/en/GATX-Corporation-Acquires-Tank-Container-Lessor-Trifleet-Leasing.html | title=GATX Corporation Acquires Tank Container Lessor Trifleet Leasing | publisher=GlobeNewswire | date=December 30, 2020 }}

Reporting marks

File:GATX 37 84 7829 533-0, 2020 Albertirsa.jpg

GATX's primary freight car reporting marks are:

  • GATX (for tank cars)
  • GACX (for general-service freight cars)
  • GGPX (for coal cars)
  • GIMX (for intermodal cars)
  • GPLX (for plastic pellet cars)
  • GMTX and LLPX (for locomotives)
  • GPFX (for pressure-differential cars)

GATX also owns other marks including CGTX, GABX, GAEX, GCCX, GFSX, GOHX, GSCX, IPSX, and TRIX including for General American Marks Company and GATX Rail. Many GATX cars carry a large "GATX" logo in the upper corner of the cars regardless of the reporting mark they carry; this logo is applied for marketing reasons and does not have any operational significance.{{cite web |title=Interchange: General American Transportation Corp |url=https://jbritton.pennsyrr.com/index.php/tpm/interchange-series/644-interchange-general-american-transportation-corp |website=pennsyrr.com |access-date=February 5, 2022}}

Further reading

  • Ralph C. Epstein. 1948. GATX: A History of the General American Transportation Corporation. North River Press.

References

{{Reflist}}

External links

{{Commons category|General American Transportation Corporation}}

  • {{Official website}}

{{Illinois Corporations}}

{{Refrigerator Car Lines of the United States}}

{{S&P 400 companies}}

{{Authority control}}

Category:1898 establishments in Illinois

Category:1910s initial public offerings

Category:Companies based in Chicago

Category:Companies listed on the New York Stock Exchange

Category:Rolling stock leasing companies

Category:Transportation companies based in Illinois

Category:Transportation companies of the United States

Category:Companies in the S&P 400