DGAP-News: VTG Aktiengesellschaft: VTG doubles its railcar fleet in North America
VTG Aktiengesellschaft / Key word(s): Acquisition
VTG doubles its railcar fleet in North America
- Takeover of the business and over 2,000 railcars of SC Rail Leasing America
- Customer base in North America doubled
Hamburg, December 1, 2011. On December 1, 2011, VTG Rail, Inc., Collinsville, Illinois, the wholly owned subsidiary of Hamburg, Germany based railcar leasing and rail logistics company VTG Aktiengesellschaft (SIC: VTG999), has taken over the business activities of SC Rail Leasing America Inc., Collinsville, Illinois (SCRL), a subsidiary of Sumitomo Corporation of America. Financial terms were not disclosed.
'Doubling our railcar fleet in North America enables us to reinforce our position in the world's largest rail freight market', says Dr. Heiko Fischer, Chairman of the Executive Board of VTG AG, adding: 'At the same time, we will be able to enter new customer and market segments and further support our growth'.
The VTG-subsidiary, formerly known as Texas Railcar Leasing, will operate as VTG Rail in the North American market. VTG Rail took over more than 2,000 freight cars primarily employed in the transport of agricultural products, coal, salt, and other minerals. The operating business of SCRL, including its existing customer relationships, will be incorporated into the new company, as will SCRL's employees. The addition of the SCRL team, with their extensive market experience and successful track record, will enable VTG to substantially expand its organizational structure, thus enhancing its market presence.
Chris Schmalbruch, President of VTG Rail, is excited about the opportunity to establish the expanded company in the North American market and adds: 'The numerous new customer relationships will enable us to expand our proven marketing strategies with a skilled and committed team'.
VTG entered the North American railcar leasing business in 2008 with its acquisition of Texas Railcar Leasing Company and its fleet of some 1,000 railcars. This fleet was doubled over the course of the following two years through additional acquisitions. For VTG, the purchase of SCRL is another step in the implementation of its strategy of controlled growth in new geographic markets. This supplements the acquisition of 300 mineral oil tank cars of the Italian company Sogerent and 870 railcars of the Railcraft Group in Russia during the first half of 2011.
VTG Aktiengesellschaft is one of Europe's leading railcar leasing and rail logistics companies. The company has the largest private railcar fleet in Europe. Globally, the fleet consists of some 51,200 railcars, with a focus on tank cars and state-of-the-art high capacity freight cars. In addition to railcar leasing, the Group offers global tank container transportation and comprehensive multi-modal logistics services, primarily in the rail transportation space.
With the combination of its three interlinked divisions Railcar Leasing, Rail Logistics and Tank Container Logistics, VTG offers its customers a high-performance platform for international freight transportation. The Group has many years of experience and specific expertise, particularly in the transport of liquids and sensitive goods. Its customers include numerous well-known companies from almost every industrial sector, including the chemical, petroleum, automotive, paper and agricultural industries.
In 2010, VTG generated revenue of EUR 629.4 million and operating profit (EBITDA) of EUR 154.4 million. Via its subsidiaries and affiliates the company, which has its head office in Hamburg, is mainly present in Europe, Asia and North America. As of December 31, 2010, VTG had 999 employees worldwide in consolidated companies. VTG AG is listed on the official Prime Standard market of the Frankfurt Stock Exchange and also on the SDAX (SIC: VTG999).
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Investor Relations contact:
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Further information at www.vtg.com
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