Greenbrier to offer safety retrofit for rail tankers carrying crude oil

|About: The Greenbrier Companies, Inc. (GBX)|By:, SA News Editor

Greenbrier (GBX +1.3%) says the industry needs to move faster to make tank cars more crash-resistant, and will begin offering to retrofit older tanker cars that carry potentially explosive crude oil, CEO William Furman tells WSJ.

The move, which comes in advance of expected new federal standards for such cars, makes GBX the first U.S. manufacturer to embrace upgrades proposed by a rail-industry panel for the tens of thousands of older tank cars now in service in the U.S.

GBX, which stands to benefit from a faster phase-in of the modifications, estimates ~68,200 older, general-purpose DOT-111 tank cars used to haul crude oil and ethanol would need significant modifications to comply with the proposed standards.