Greenbrier Acquires ~3,600 Railcars To Advance Leasing Strategy - Greenbrier Companies (NYSE:GBX)

Greenbrier Companies Inc GBX has acquired more than 3,600 railcars, a portion of which will be held in GBX Leasing (GBXL).
GBXL, a special purpose subsidiary owned ~95% by Greenbrier, was formed to acquire a minimum of $200 million of newly built and leased railcars in its first year of operations.
As of September 30, 2021, GBXL's fleet totals nearly 4,000 units with a fair market value of $350 million, exceeding Greenbrier's initial investment target for the venture by 75%.
"By providing tax-advantaged cash flows, lease fleet investments reduce Greenbrier's exposure to the inherent cyclicality of freight transportation equipment manufacturing," commented Greenbrier CEO and Chairman William A. Furman.
Greenbrier held cash and equivalents of $636.89 million as of May 31, 2021.
Price Action: GBX shares closed higher by 2.6% at $44.95 on Tuesday.