The Greenbrier Companies and Watco Companies said Wednesday that they’ll create a network of rail tank car repair shops. The joint venture establishes GBW Railcar Services LLC, the companies said in a news release, which will own and operate Greenbrier and Watco’s tank car repair, refurbishment and maintenance businesses.
With combined annual revenue of $325 million and 38 facilities across North America, GBW will employ more than 2,100 people. The company will be led by CEO Jim Cowan, recently hired by Lake Oswego, Ore.-based Greenbrier. Watco is headquartered in Pittsburg, Kan.
The joint venture positions GBW “as a clear leader in the business of making tank cars safer at any speed,” William Furman, chairman and CEO of Greenbrier, said in the news release.
Completing the joint venture depends on further negotiations and final documents, the companies said. The deal is expected to be completed in the third quarter of this year.
