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Greenbrier Completes Three-year Labor Agreement at TrentonWorks.

The Greenbrier Companies today announced labor negotiations are completed with employees covered by a collective bargaining agreement at its TrentonWorks new railcar manufacturing facility in Nova Scotia, Canada. A new three-year contract was ratified on Wednesday, February 11, 2004.

William A. Furman, president and chief executive officer, said, "We are pleased with the outcome of the union ratification vote, and happy to get back to the primary business of TrentonWorks, which is to produce quality freight cars at competitive prices. The new contract recognizes the economic realities of the global marketplace, including a strong Canadian dollar. It is favorable to both our employees at TrentonWorks and to the ongoing competitiveness and productivity of our Canadian manufacturing facility. The leadership and rank and file of the United Steelworkers of America is to be commended for their support."

The Greenbrier Companies (http://www.gbrx.com/), headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry in North America. Greenbrier builds new railroad freight cars in the U.S., Canada and Mexico, and repairs and refurbishes freight cars and wheels at thirteen locations across North America. The Company also builds new railroad freight cars and refurbishes freight cars for the European market through its manufacturing operations in Poland and various sub-contractor facilities throughout Europe. At Greenbrier's Portland, Oregon manufacturing facility, it builds ocean-going barges for the maritime industry. The Company produces rail castings through an unconsolidated joint venture and also manufactures new freight cars through the use of unaffiliated subcontractors. Greenbrier owns approximately 12,000 railcars and performs management services for approximately 113,000 railcars.

Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to expectations, beliefs, and future financial performance. These forward-looking statements are dependent on a number of factors, business risks and issues, a change in which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such factors, risks and issues are set forth from time to time under "Forward-Looking Statements," in Management's Discussion and Analysis of Financial Condition and Results of Operations in Greenbrier's SEC filings and reports. Any forward-looking statement speaks only as of the date on which such statement is made. Greenbrier undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

CONTACT: Mark Rittenbaum of The Greenbrier Companies, +1-503-684-7000

Web site: http://www.gbrx.com/
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Publication:PR Newswire
Geographic Code:1USA
Date:Feb 13, 2004
Words:425
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