Greenbrier Cos. (GBX) Launches New Regulatory Services Group
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The Greenbrier Companies, Inc. (NYSE: GBX) announced that its subsidiary, Greenbrier Management Services LLC ("GMS") has expanded its industry-leading railcar asset management business with the launch of a new Regulatory Services Group led by James H. Rader as Vice President of Regulatory Services. Rader's four decades of railroad industry experience includes service at two Class I railroads, the Federal Railroad Administration and the Association of American Railroads. Rader worked most recently for Watco Companies, a leading shortline and terminal operator, and 50/50 partner with Greenbrier in the GBW Railcar Services railcar repair joint venture. Currently, Rader serves on the board of the Mechanical Association Railcar Technical Services (MARTS) and recently represented shortline railroads on the AAR Tank Car Committee, where he chaired major subcommittees. He is also a regular contributor at the FRA Railroad Safety Advisory Committee (RSAC).
Joining Rader at Greenbrier is the most respected rail regulatory compliance team in North America. As a part of GMS, the new group offers regulatory, engineering, process consulting and advocacy support to the tank car and petrochemical rail shipper community, among other services. Petrochemical shippers and other tank car users are a customer base that Greenbrier has successfully served in recent years and are a rail user group that offers substantial growth in demand for discrete, unique and value-added asset management services.
The new group complements GMS' existing service portfolio and customer base, and offers immediate financial contributions to Greenbrier. The Regulatory Services Group also fits seamlessly within Greenbrier's integrated business model. It allows Greenbrier to deliver the most complete offering to customers in the railcar market. Tank car customers shipping chemicals, petrochemicals and other commodities will particularly benefit from Greenbrier's added regulatory compliance capability. For example, a railcar built utilizing Greenbrier's safer tank design can be financed through Greenbrier Leasing Company; managed by Greenbrier Management Services; operate in compliance with relevant regulations after consultation with the Regulatory Service Group; receive replacement wheels and parts from Greenbrier; and be professionally maintained and recertified through our GBW Railcar Services joint venture. This portfolio of products and services is available exclusively from Greenbrier to customers using all railcar types. It is scalable and adaptable to meet the host of requirements encountered by railcar owners.
Members of the new Regulatory Services Group formed Watco Compliance Services in 2011. At Watco, they successfully grew a division focused on assisting rail asset owners and railroad users of various types to develop standard operating procedures to comply with a broad range of technical specifications, legal requirements, agency regulations and safety rules. Watco is exiting the compliance services business for strategic reasons as it emphasizes its shortline and terminal operations.
"Watco thanks our Compliance Service team for a job well done and wish them well in their new role with our good partner, Greenbrier," said Eric Wolfe, head of Watco Supply Chain Services. "Most importantly, we believe this is a good outcome for our team and our mutual Customers and Customers at GBW."
Dan Weiler, Senior Vice President, Asset Management, Greenbrier Leasing Company and head of GMS said, "Expert people paired with proprietary technology are at the core of what we do at GMS. Our new Regulatory Services Group, with decades of expertise in railroad-related compliance, offers great synergies with the industry-leading fleet management group along with the advanced software systems we have built at GMS. It will produce further opportunities to collaborate across Greenbrier's integrated businesses,"
Weiler continued, "Jim Rader is one of the most respected people in his field. With the addition of Jim's team, Greenbrier now offers the industry's most comprehensive railcar asset management platform with a broad range of service capabilities to all constituencies in the rail freight business."
"My team and I are thrilled to join GMS, an established and trusted rail asset manager," Rader said. "Greenbrier has a successful history of advancing enhanced safety, maintenance and compliance practices for rail assets. We look forward to offering best-in-class compliance services and domain support to rolling stock owners who require comprehensive and advanced asset management solutions, working with other colleagues across Greenbrier on exciting new opportunities."
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