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Greenbrier to offer safety retrofit for rail tankers carrying crude oil

  • 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.
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