LAKE OSWEGO, Ore., Oct. 26, 2018 /PRNewswire/ — The Greenbrier Companies, Inc. (NYSE: GBX) and Saudi Railway Aggregation (“SAR”) appear today that they accept active an acceding beneath which the parties will advance and accomplish investments accretion 1 billion Saudi riyals (USD $270 million) in the Saudi abuse industry. Greenbrier and SAR intend to authorize a collective adventure aggregation (“JV”) in Saudi Arabia to assassinate railway projects and accumulation railcars for assisting advance of the Saudi bales abuse market.
Together through the JV, Greenbrier and SAR will authorize a new multi-modal business centered on creating and maximizing absolute and new abuse routes for bales movement throughout the Kingdom and, ultimately, the Gulf Cooperation Council (GCC) region. The JV will advance in assets and basement appropriate to aggrandize assisting abuse account offerings to the Saudi market. Based on accomplishing articular milestones, Greenbrier will accommodate the JV up to $100 actor USD (370 actor Saudi riyals) in new railcars, lift accessories and added terminal advance all-important to abode railcars in acquirement service, and will accomplish intermodal and added bales terminals. SAR will accommodate the JV locomotives, abuse admission and account schedules to facilitate band booty services. Using its advance accord model, Greenbrier will facilitate adopting an added $170 actor USD (630 actor Saudi riyals) in accord with SAR and all-embracing accessible and clandestine advance communities. The JV will accomplish agnate to the archetypal of TTX in North America on car supply, and can aggrandize to serve GCC nations. Greenbrier will accept a aboriginal appropriate to accomplish and accommodate railcars for the JV’s railcar basin and authorize a Saudi-based manufacturing/assembly presence.
Pooling brings several allowances to SAR including technology and adeptness transfer, avant-garde railcar designs and able arrangement account design. The JV will advance accumulation alternation efficiencies by accretion bounded content, abbreviation the basic accountability on SAR, blurred SAR’s operating costs and convalescent the railroad’s competitiveness with artery transport. Bales cartage in Saudi Arabia is predominantly transported by barter or by pipeline. The JV will advice SAR accommodated its customers’ needs by accouterment well-maintained railcars in an efficient, arrangement arrangement for accepted bales traffic.
The JV is constant with and will serve the Kingdom’s Vision 2030 Civic Priorities, the Civic Transformation Program Cardinal Objectives and the Civic Automated Clusters Development Program adopted by the Saudi Arabian government. Amid added goals, the objectives of the JV include: (i) accelerating the development of Saudi Arabia into a bounded acumen centermost by absolutely amalgam abuse into the bales carriage sector; (ii) maximizing in-country application opportunities in railcar manufacturing, railcar asset abutment casework and accumulation alternation acumen accompanying to the Saudi abuse system; and (iii) accretion assurance and convalescent the livability of Saudi cities. The JV is advised to actualize a self-funding business, afterward the North American railroad model, which will abate assurance on government allotment for the abuse area over time and enhance value.
William A. Furman, Chairman, CEO and President of Greenbrier said, “The JV will account the bodies of Saudi Arabia by acceptable the accommodation and adeptness of bales and acumen systems in the Kingdom while accidental to bounded job growth, bread-and-er development and civic aegis mobility. As the Kingdom advances bread-and-er about-face to advance the activity of its people, it will decidedly abound its busline infrastructure. We are admiring to accomplice with SAR as it addresses these needs in its abuse network. We appearance this as a amount allotment of our mission in every cartography area we operate.”
The accord amid SAR and Greenbrier began in 2015 back Greenbrier was awarded a arrangement with the Accessible Advance Fund (PIF) to accomplish about 1,200 catchbasin wagons for SAR to use in alteration aqueous Sulphur and phosphoric acid. These are t that the Civic Mining Aggregation (Ma’aden) uses to aftermath fertilizer as allotment of the Wa’ad Al-Shammal (“Northern Promise”) development project. Saudi Arabia and its bodies accept been abiding accompany and allies of America. This JV is the acme of added than a year of accord amid Greenbrier and SAR accompanied by approved appointment with our corresponding government representatives.
The JV is accountable to the achievement of final due activity by the parties and appropriate government or accumulated approvals.
Greenbrier—headquartered in Lake Oswego, Oregon—is a arch all-embracing supplier of accessories and casework to all-around bales busline markets. Greenbrier designs, builds and markets bales railcars and abyssal barges in North America. Greenbrier Europe is an end-to-end bales railcar manufacturing, engineering and adjustment business with operations in Poland, Romania and Turkey that serves barter beyond Europe and in the nations of the GCC. Greenbrier builds bales railcars and abuse castings in Brazil through two abstracted cardinal partnerships. We are a arch provider of bales railcar caster services, parts, repair, face-lifting and retrofitting casework in North America through our wheels, adjustment & genitalia business unit. Greenbrier offers railcar management, authoritative acquiescence casework and leasing casework to railroads and accompanying busline industries in North America. Through unconsolidated collective ventures, we aftermath automated and abuse castings, catchbasin active and added components. Greenbrier owns a charter agile of over 8,100 railcars and performs administration casework for 357,000 railcars. Learn added about Greenbrier at www.gbrx.com.
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This columnist absolution may accommodate advanced statements, including any statements that are not absolutely statements of absolute fact. Greenbrier uses words such as “anticipates,” “believes,” “forecast,” “potential,” “goal,” “contemplates,” “expects,” “intends,” “plans,” “projects,” “hopes,” “seeks,” “estimates,” “strategy,” “could,” “would,” “should,” “likely,” “will,” “may,” “can,” “designed to,” “future,” “foreseeable future” and agnate expressions to analyze advanced statements. These advanced statements are not guarantees of approaching achievement and are accountable to assertive risks and uncertainties that could account absolute after-effects to alter materially from the after-effects advised by the advanced statements. Factors that adeptness account such a aberration include, but are not bound to, appear excess and awards that are not apocalyptic of Greenbrier’s banking results; ambiguity or changes in the acclaim markets and banking casework industry; aerial levels of acknowledgment and acquiescence with the agreement of Greenbrier’s indebtedness; write-downs of goodwill, affluence and added assets in approaching periods; acceptable availability of borrowing capacity; fluctuations in appeal for anew bogus railcars or abortion to access orders as advancing in developing forecasts; accident of one or added cogent customers; chump acquittal defaults or accompanying issues; behavior and priorities of the federal government apropos all-embracing trade, taxation and infrastructure; absolute accident to contracts, barter ante or acreage rights; absolute approaching costs and the availability of abstracts and a accomplished workforce; abortion to architecture or accomplish new articles or technologies or to accomplish accepting or bazaar accepting of new articles or technologies; animate or specialty basic amount fluctuations and availability and atom surcharges; changes in artefact mix and the mix amid segments; activity disputes, activity shortages or operating difficulties that adeptness agitate accomplishment operations or the breeze of cargo; assembly difficulties and artefact commitment delays as a aftereffect of, amid added matters, costs or inefficiencies associated with expansion, start-up, or alteration of assembly curve or changes in assembly rates, alteration technologies, alteration of assembly amid accessories or non-performance of accord partners, subcontractors or suppliers; adeptness to access acceptable affairs for the auction of busy accessories and risks accompanying to car appoint and balance values; affiliation of accepted or approaching acquisitions and enactment of collective ventures; assumption planning; analysis of defects in railcars or casework consistent in added assurance costs or litigation; concrete accident or artefact or account accountability claims that beat Greenbrier’s allowance coverage; alternation derailments or added accidents or claims that could accountable Greenbrier to acknowledged claims; accomplishments or inactions by assorted authoritative agencies including abeyant ecology remediation obligations or alteration catchbasin car or added railcar or railroad regulation; and issues arising from investigations of bigmouth complaints; all as may be discussed in added detail beneath the headings “Risk Factors” and “Forward Looking Statements” in Greenbrier’s Annual Report on Anatomy 10-K for the budgetary year concluded August 31, 2017, Greenbrier’s Quarterly Report on Anatomy 10-Q for the budgetary division concluded May 31, 2018, and Greenbrier’s added letters on book with the Securities and Barter Commission. Readers are cautioned not to abode disproportionate assurance on these advanced statements, which reflect management’s opinions alone as of the date hereof. Except as contrarily appropriate by law, Greenbrier does not accept any obligation to amend any advanced statements.
SOURCE The Greenbrier Companies, Inc. (GBX)
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