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GATX SUBSIDIARY COMPLETES PURCHASE OF CGTX

CHICAGO, July 5 /PRNewswire/ -- General American Transportation Corporation announced today that it has completed the purchase of the 55 percent interest in CGTX Inc. that it did not already own from Hawker Siddeley Canada Inc. CGTX leases and operates a fleet of 8,700 railcars throughout Canada, of which 4,300 are railroad tank cars. Additionally, CGTX operates three service facilities to maintain its railcar fleet. General American Transportation Corporation is a subsidiary of GATX Corporation (NYSE: GMT). All necessary regulatory approvals have been received. The value of the transaction was C$115 million.

D. Ward Fuller, president and chief executive officer of General American Transportation Corporation, stated, "The completion of this purchase achieves one of General American's primary goals: providing seamless railcar service throughout North America. In addition, we believe that this purchase will allow CGTX to realize significant opportunities for growth by providing increased value-enhancing services to Canadian shippers and railroads. We are looking forward to participating in Canada's expanding marketplace."

General American Transportation Corporation provides its customers with the largest fleet of railroad tank cars in North America, as well as other specialized freight cars that transport chemicals, food, petroleum and minerals for major industries and users of bulk commodities. General American Corporation also operates railcar service centers and provides fleet management services.

GATX Corporation provides more than $5 billion of service-enhanced assets primarily used to help its customers transport, store or distribute their products. GATX's assets include railcars and locomotives, bulk liquid terminals and pipelines, ships, warehouses, commercial aircraft, technology equipment and other capital assets and related services worldwide. GATX also offers a variety of financial services focusing on owning or managing transportation and distribution assets.
 -0- 7/5/96


/NOTE TO EDITOR: 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./

/CONTACT: George S. Lowman of GATX Corporation, 847-256-5969 on July 5, or 312-621-6599/

/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/

(GMT)

CO: General American Transportation Corporation; GATX Corporation;

CGTX Inc. ST: Illinois IN: TRN SU: TNM

SR -- NYF027 -- 5868 07/05/96 16:31 EDT
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Publication:PR Newswire
Date:Jul 5, 1996
Words:383
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