International freight carriage manufacturer Greenbrier has signed a $1 billion agreement with Mitsubishi UFJ Lease & Finance (MUL).
MUL plans to grows its carriage portfolio from 5,000 to 25,000 in the next four years and has entered into the commitment with Greenbrier to support that.
Greenbrier is expected to deliver the first carriages at the end of 2017.
The two firms have also formed a new carriage management service named MUL Greenbrier Management Services – to be owned 50 per cent each company – to manage the rolling stock in the MUL fleet.
MUL president Tadashi Shiraishi said: “MUL has set an ambitious target to increase MUL’s market share to a level that places it among North America’s top eight leading operating lessors of railcars.
“We value Greenbrier’s ability to build high-quality freight railcars and assist MUL with high-value railcar management services to support MUL’s rapidly expanding fleet.”