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GBX

Greenbrier

$33.37

0.12 (0.36%)

06:11
04/18/19
04/18
06:11
04/18/19
06:11

Greenbrier to acquire manufacturing business of American Railcar

Greenbrier announced that it has entered into an agreement to acquire the manufacturing business of American Railcar Industries, or ARI, from ITE Management, or ITE, in a transaction valued at $400M, after adjustments for net tax benefits accruing to the company, valued at $30M. The gross purchase price of the manufacturing business totals $430M. Included in the gross purchase price is $30M for capital expenditures on railcar lining operations and other facility improvements at ARI. Also included in gross purchase price are convertible notes issued by Greenbrier to ARI in the principal amount of $50M. The balance of the gross purchase price is cash consideration. Headquartered in St. Charles, Missouri, ARI was acquired by ITE in December 2018. Greenbrier will acquire two railcar manufacturing facilities in Arkansas and five other operations that provide a range of railcar component and parts supply. These operations build hopper car outlets, tank car valves, axles, castings and railcar running boards, among other ancillary railcar products. Significant manufacturing efficiencies and cost savings are expected from the acquisition, along with a skilled workforce and geographic advantages throughout North America. "We expect the acquisition to be meaningfully accretive and position Greenbrier for growth in our core manufacturing and engineering business in North America. Cost synergies and economies of scale are expected to benefit our customers, including shippers, leasing companies and North American railroads," said William Furman, Chairman and CEO. "With a broader product portfolio and efficiencies extending from a larger operations base in America, we see this acquisition as a unique opportunity for Greenbrier to extend its position as a global leader in railcar manufacturing, with an increase in our total U.S.-based production and an expansion of our American-based workforce. We are especially pleased to work with ITE on this acquisition, since we already enjoy a strong relationship with them as a valued syndication customer."

  • 13

    Nov

GBX Greenbrier
$33.37

0.12 (0.36%)

03/11/19
KEYB
03/11/19
DOWNGRADE
KEYB
Sector Weight
Greenbrier downgraded to Sector Weight from Overweight at KeyBanc
03/11/19
KEYB
03/11/19
DOWNGRADE
KEYB
Sector Weight
Greenbrier downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Steve Barger downgraded Greenbrier (GBX) to Sector Weight from Overweight after attending the annual REF conference, telling investors that he walked away more cautious on the rail equipment space. After attending the event, which he calls the "most informative rail industry event," Barger thinks 2019 will be characterized by fewer orders and backlog contraction, which is historically negative for the group. The analyst also downgraded Trinity Industries (TRN).
03/11/19
03/11/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JetBlue (JBLU) downgraded to Equal Weight from Overweight at Barclays with analyst Brandon Oglenski lowering his price target for the shares to $20 from $27. 2. Nucor (NUE) downgraded to Neutral from Buy at Longbow with analyst Chris Olin saying his carbon steel market checks indicate muted demand growth for all major products, with negative momentum most apparent for plate, merchant bar and SBQ. 3. Oracle (ORCL) downgraded to Reduce from Buy at Nomura Instinet with analyst Christopher Eberle saying Oracle's buyback program has helped drive the stock to near all-time highs, but the rate of $10B in buybacks per quarter "can't last forever." 4. Greenbrier (GBX) and Trinity Industries (TRN) downgraded to Sector Weight from Overweight at KeyBanc. 5. Zumiez (ZUMZ) downgraded to Hold from Buy at Pivotal Research with analyst Mitch Kummetz saying the stock's risk/reward is no longer compelling after bouncing 40% off the mid-December lows. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/25/19
WELS
03/25/19
NO CHANGE
Target $36
WELS
Market Perform
Greenbrier price target lowered to $36 from $43 at Wells Fargo
Wells Fargo analyst Allison Poliniak-Cusic lowered her price target for Greenbrier to $36 from $43 after the company preannounced "significantly lower" Q2 results due to challenges in its European operations, its railcar repair operations, and efficiency issues at its U.S. manufacturing facility. The analyst reiterates a Market Perform rating on the shares.

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