American Steamship Company to be sold to Rand Logistics

GATX Corporation has entered into a stock purchase agreement for the sale of its American Steamship Company (ASC) business to Rand Logistics for a purchase price of US$260 million, subject to working capital and other closing adjustments.

The purchase will also include ASC’s fleet of dry bulk vessels that operate on the Great Lakes.

GATX president and CEO Brian A. Kenney said that the sale of ASC will allow GTX to focus on its core franchises in global railcar and aircraft spare engine leasing.

The transaction is subject to customary closing conditions and regulatory approvals.