Greenbrier Signs Multi-Year Maintenance Agreement with CIT Rail

The Greenbrier Companies, Inc.

announced today it has signed a multi-year maintenance supply agreement to provide CIT Rail with dedicated access to repair capacity at Greenbrier's railcar repair & parts shop in Atchison, Kansas, with opportunities to expand to additional repair facilities in its nationwide network. Throughout the term of the agreement, the parties will collaborate to match CIT Rail's railcar maintenance requirements with available shop capacity, thereby maximizing shop utilization and reducing out of service time for CIT railcars. Greenbrier expects the repair work it performs under the agreement will enhance revenue and gross margins for its Wheels, Repair & Parts segment starting in its 2014 fiscal year.  CIT Rail is one of the largest freight car owners in North America with a fleet of approximately 104,000 railcars and 400 locomotives. CIT aims to provide its customers with high quality and dependable railcar assets and this agreement will serve to secure shop space for preventative railcar maintenance, regulatory certifications, lining and paint work and other standard service needs. The arrangement will primarily focus on expanding service offerings for CIT's tank car customers, but will also