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Rail News: M&A
6/9/2004
Rail News: M&A
RELCO Finance acquires Joseph Transportation's locomotive leasing division
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Last week, RELCO Finance Inc. announced it acquired Joseph Transportation Services Inc.'s locomotive leasing division and an undisclosed number of Joseph Transportation's non-leased locomotive assets.
An affiliate of RELCO Locomotives Inc., RELCO Finance now owns all but one of Joseph Transportation's locomotive operating leases in the United States. The leases will be managed out of RELCO's Minooka, Ill., corporate headquarters.
"The acquisition brings us almost 50 new operating leases and positions us as the largest operating lessor of switcher locomotives in North America," said RELCO Chairman Donald Bachman in a prepared statement. "The acquisition [also] is a perfect complement to our core business; providing high-quality locomotives for lease and supporting those locomotives with complete, on-site maintenance programs and repair services."
Joseph Transportation plans to focus on its core rail-car business, such as acquiring, selling, leasing and financing new and used cars, said President Paul Jantsch.
RELCO Finance provides locomotive leasing services for road and switcher units, including sale/leaseback transactions.
An affiliate of RELCO Locomotives Inc., RELCO Finance now owns all but one of Joseph Transportation's locomotive operating leases in the United States. The leases will be managed out of RELCO's Minooka, Ill., corporate headquarters.
"The acquisition brings us almost 50 new operating leases and positions us as the largest operating lessor of switcher locomotives in North America," said RELCO Chairman Donald Bachman in a prepared statement. "The acquisition [also] is a perfect complement to our core business; providing high-quality locomotives for lease and supporting those locomotives with complete, on-site maintenance programs and repair services."
Joseph Transportation plans to focus on its core rail-car business, such as acquiring, selling, leasing and financing new and used cars, said President Paul Jantsch.
RELCO Finance provides locomotive leasing services for road and switcher units, including sale/leaseback transactions.
