Greenbrier Companies (GBX) announced an agreement with General Electric Railcar Services Corporation or "GER", a subsidiary of GE Capital, GE's financial services business, to modify GER's new railcar manufacturing contract with Greenbrier.
Under the terms of the original 2007 contract, the Company was to manufacture 11,900 new tank cars and hopper cars for GER over an eight-year period, of which the last 8,500 units would be delivered subject to Greenbrier's fulfillment of certain contractual conditions.
As per the terms of the modified contract, the parties have agreed to reduce the contract quantities to up to 6,000 railcars. Greenbrier will build the first 3,800 tank cars and hopper cars by July 2013.
The blended purchase price on these 3,800 units represents a price increase from the original contract, and delivery of these units has been extended by 27 months from the original contract. The remaining 2,200 tank and hopper cars are subject to fulfillment of certain contractual conditions by both parties in their sole discretion and would occur over the next five-year period.
In addition, Greenbrier has retained the right of first refusal, subject to certain qualifications, to manufacture all new railcar builds for GER through December 2018.
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