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Wells Fargo’s First Union Rail to Acquire GE Railcar Services

CHICAGO--(BUSINESS WIRE)--Wells Fargo & Co (NYSE:WFC) & Company (NYSE: WFC) announced that its railcar finance, leasing and fleet management business, First Union Rail, has signed an agreement to purchase GE Railcar Services from GE Capital. The transaction, which will add to the existing fleet more than 77,000 railcars and just over 1,000 locomotives as well as associated operating and long-term leases, is expected to close by end of Q1 2016. Terms of the transaction are not being disclosed.

“GE Railcar Services, with its high quality asset base, has a long history of strength and stability that will add significantly to the quality and diversification of our existing fleet”

Marmon Holdings, Inc., a Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) company, separately announced that it has acquired substantially all of GE Railcar Services’ owned fleet of railroad tank cars. In a separate transaction, Marmon has also agreed to acquire certain GE Railcar Repair Services repair and maintenance facilities.

“GE Railcar Services, with its high quality asset base, has a long history of strength and stability that will add significantly to the quality and diversification of our existing fleet,” said Barbara Wilson, president, First Union Rail. “We greatly value our client relationships and look forward to meeting the industry’s growing demand for rail cars.”

The acquisition of GE’s railcar and...


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