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Today, GATX Rail announced it acquired General Motors Corp. Electro-Motive Division's (EMD) interest in Locomotive Leasing Partners (LLP). Terms weren't disclosed.

Half-owner of LLP with EMD since the company was formed in 1995, GATX Rail now will own LLP's entire fleet of 486 locomotives, increasing the GATX Rail fleet to about 750 units.

"GATX Rail is committed to growing its North American rail leasing business to better serve our customers, and acquiring the balance of Locomotive Leasing Partners is an important part of that strategy," said James Earl, GATX Corp. executive vice president-rail, in a prepared statement.

GATX Rail leases locomotives and rail cars — the company's car fleet exceeds 152,000 units — to North American Class Is, regionals and short lines.