GATX Forms GATX Integrated Solutions Group.
-- David M. Edwards to lead the GATX Integrated Solutions Group
-- Brian A. Kenney appointed Chief Financial Officer of GATX Corporation
-- All marine related activities combined at GATX Capital
CHICAGO, Sept. 13 /PRNewswire/ -- GATX Corporation (NYSE: GMT) today announced the formation of the GATX Integrated Solutions Group, a combination of operating companies that will share resources and expertise to create unrivaled, value-adding supply chain and logistics solutions focused on optimizing its customers' transportation and distribution systems worldwide.
The group will encompass the operations of GATX Terminals Corporation, GATX Logistics, Inc., GATX Liquid Logistics, Inc., its subsidiary GATX Inventory Monitoring Services, and the Rail Logistics business of General American Transportation Corporation.
David M. Edwards, senior vice president, will move from his chief financial officer role at GATX Corporation and will lead the Integrated Solutions Group. Brian A. Kenney, vice president-finance, will be appointed chief financial officer of GATX and will assume the responsibilities previously held by Mr. Edwards.
Ronald H. Zech, chairman and CEO, said, "GATX is already an important provider of supply chain services through our collection of separate entities. While these companies have been individually excellent in bringing value to our customers, we have not fully capitalized on the power of combining our service offerings, skills, customer knowledge, and information systems. With today's announcement, we are creating a true industry leader, which will provide customers with more extensive, integrated and valuable solutions to their supply chain needs.
"I am particularly excited about the growth potential in the chemical, petroleum, e-commerce, and parcel logistics areas. GATX is already an industry leader in providing services to the chemical and petroleum industries, customer markets that are extremely important to the company. One of the top priorities for this group will be to expand our capabilities so that we become the integrated solutions provider of choice for chemical and petroleum customers around the world. In addition, Mr. Edwards will also focus attention on initiatives at GATX Logistics, including continued improvement in its traditional integrated logistics business and ensuring that the company is properly positioned to capitalize on e-commerce and internet logistics trends.
"American Steamship, GATX's Great Lakes shipping company, will be combined with GATX Capital's marine asset financing group. With this action, all of GATX's marine activities are housed within one group, providing an opportunity to optimize our marine activities.
"The creation of the GATX Integrated Solutions Group puts GATX at the forefront of providing innovative customer services and allowing GATX to achieve its mission of combining unique financing, asset, and logistics solutions worldwide. With General American Transportation and GATX Capital forming the cornerstones of our financial services/leasing business, the GATX Integrated Solutions Group represents a third and critical leg to our success. The combination of GATX's capabilities creates a formidable competitor that is well-positioned to deliver customer and shareholder value," Mr. Zech concluded.
Mr. Edwards (48) was elected senior vice president and CFO of GATX in 1998. In 1994, he was elected vice president, finance and chief financial officer of GATX. He joined GATX in 1981 and held a variety of financial positions at GATX Capital and GATX Corporation. In 1990, he was appointed senior vice president, finance and administration and chief financial officer of GATX Capital, GATX's financial services subsidiary headquartered in San Francisco. Prior to joining GATX, Mr. Edwards was a vice president with Security Pacific Bank. Mr.Edwards received his BA in 1973 and his MA in 1975 in Economics from the University of California, Davis.
Mr. Kenney (39) was elected vice president-finance in 1997. He joined GATX in 1995 as treasurer. Prior to joining GATX, Mr. Kenney was managing director, corporate finance and banking for AMR Corporation, which he joined in 1990 as a principal in its corporate finance group. Between 1986 and 1990, he held positions in UAL Corporation's treasury group. Previously he held financial positions with Morton International, Inc. and Peterson & Company. Mr. Kenney received his BBA from the University of Notre Dame in 1981 and his MBA in finance in 1983 from the University of Michigan.
GATX Corporation combines unique financing, asset and logistics solutions for customers and partners worldwide through its three interlinked business areas -- General American Transportation, GATX Capital, and the GATX Integrated Solutions Group. GATX's major assets are comprised of railroad cars, locomotives, commercial aircraft, bulk liquid terminals, pipelines, technology equipment, warehouses, and other capital assets.
FORWARD LOOKING STATEMENTS
his press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
Investor, corporate information and press releases may be found at http://www.gatx.com . A variety of current financial information, historical financial information, press releases and photographs are available at this site. GATX press releases may be obtained by automated PR News Company News On-Call's automated fax service at 800-758-5804. The company identification number for GATX is 105121.
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|Date:||Sep 13, 1999|
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