Trinity Industries, Inc. (TRN), a provider of industrial solutions, said on Monday that its unit Trinity Rail Group, LLC, has inked a $1.8 billion long-term railcar supply deal with GATX Corporation (GATX).
Under the deal inked, Trinity will provide 15,000 newly built tank and freight railcars over a six-year period.
In addition, the railcar lessor has the option to order an additional 500 railcars in each order year.
Trinity will deliver 6,000 tank cars at a rate of 1,200 cars each year from 2024 through 2028.
The remaining 9,000 cars, including both freight and tank cars, will be ordered at a rate of 1,500 cars per order year from 2023 to 2028.
TRN is trading up by 1.87 percent at $21.75 per share in pre-market on the New York Stock Exchange.
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