Greenbrier, Watco form railcar repair JV

Railcar builder Greenbrier (GBX) and short-line railroad operator Watco form a railcar-repair company in anticipation of strong demand for retrofits to strengthen tank cars that carry crude oil and other flammable liquids.

The 50-50 joint venture, known as GBW Railcar Services, is the rail industry's first major move to increase capacity to retrofit tens of thousands of tank cars to meet tougher standards being devised by U.S and Canadian regulators.

GBW plans to begin operations during Q3 with 38 repair shops in the U.S. and Canada, including 14 devoted to tank cars; annual revenue is projected at $325M.

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