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GATX Rail recently purchased 1,176 high-capacity, plastic-pellet covered hoppers and leased the cars to Equistar Chemicals L.P. per a long-term leaseback agreement

The transaction expands GATX Rail's covered hopper fleet to 27,000 cars and total fleet to more than 165,000 cars.

"We provided Equistar with a financing alternative that met their needs, while we capitalized on an opportunity to expand our fleet through the acquisition of quality rail assets," said GATX Rail President and Chief Executive Officer David Edwards in a prepared statement.

A joint venture between Lyondell Chemical Co. and Millennium Chemicals Inc., Equistar Chemicals produces ethylene, ethylene oxide, ethylene glycol, propylene, polyethylene, specialty polymers and other chemical products.