LAKE OSWEGO, Ore., July 7, 2015 /PRNewswire/ -- The Greenbrier
Companies (NYSE: GBX) announced today the election of four-star
U.S. Navy Admiral Thomas B. Fargo to
the Company's Board of Directors. The election of Admiral
Fargo increases Greenbrier's Board of Directors to 10 members,
eight of whom are independent directors.
Admiral Fargo, who completed his active military service in
2005, brings 35 years of naval leadership and subsequent private
sector experience in maritime and other transportation industries
to the Greenbrier Board.
As commander of the U.S. Pacific Command from 2002 until 2005,
Admiral Fargo led the world's largest unified command while
directing the joint operations of the Army, Navy, Marine Corps and
Air Force. In this role Admiral Fargo acted as U.S. military
representative for collective defense arrangements in the Pacific,
ultimately responsible to the President and the Secretary of
Defense through the chairman, Joint Chiefs of Staff.
Admiral Fargo's naval career included six tours in Washington, D.C. and extensive duties in the
Pacific, Indian Ocean and Middle
East including serving as Commander-in-Chief of the U.S.
Pacific Fleet and Commander of the Naval Forces of the Central
Command.
Admiral Fargo serves as Chairman of Huntington Ingalls
Industries, America's largest military shipbuilder, and on the
Boards of Directors for Hawaiian Electric Industries, Matson and
United States Automobile Association. Previously he served on the
Boards of Northrop Grumman Corporation and Hawaiian Airlines.
"Admiral Fargo brings extensive experience in maritime
operations and manufacturing that will directly benefit our Marine
products business. Also, Admiral Fargo's work throughout the
world during his military command will be invaluable to Greenbrier
as we extend our global reach to address new markets in
South America and the Middle East," said William A. Furman, chairman and chief executive
officer of Greenbrier. "Along with the entire Greenbrier
Board, I look forward to working closely with Admiral Fargo as we
deploy his leadership abilities and strategic skills to advance
Greenbrier's long-term objectives."
About Greenbrier
Greenbrier, (www.gbrx.com),
headquartered in Lake Oswego,
Oregon, is a leading supplier of transportation equipment
and services to the railroad industry. Greenbrier builds new
railroad freight cars in our 4 manufacturing facilities in the U.S.
and Mexico and marine barges at
our U.S. manufacturing facility. Greenbrier also sells
reconditioned wheel sets and provides wheel services at 9 locations
throughout the U.S. We recondition, manufacture and sell
railcar parts at 4 U.S. sites. Greenbrier is a 50/50 joint
venture partner with Watco Companies, LLC in GBW Railcar Services,
LLC which repairs and refurbishes freight cars at 33 locations
across North America, including 12
tank car repair and maintenance facilities certified by the
Association of American Railroads. Greenbrier builds new railroad
freight cars and refurbishes freight cars for the European market
through our operations in Poland.
Greenbrier owns approximately 8,800 railcars, and performs
management services for approximately 245,000 railcars.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain
forward-looking statements, including statements regarding expected
new railcar production volumes and schedules, expected customer
demand for the Company's products and services, plans to increase
manufacturing capacity, restructuring plans, new railcar delivery
volumes and schedules, growth in demand for the Company's railcar
services and parts business, and the Company's future financial
performance. Greenbrier uses words such as "anticipates,"
"believes," "forecast," "potential," "goal," "contemplates,"
"expects," "intends," "plans," "projects," "hopes," "seeks,"
"estimates," "strategy," "could," "would," "should," "likely,"
"will," "may," "can," "designed to," "future," "foreseeable future"
and similar expressions to identify forward-looking
statements. These forward-looking statements are not
guarantees of future performance and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from in the results contemplated by the forward-looking
statements. Factors that might cause such a difference
include, but are not limited to, reported backlog and awards are
not indicative of our financial results; uncertainty or changes in
the credit markets and financial services industry; high levels of
indebtedness and compliance with the terms of our indebtedness;
write-downs of goodwill, intangibles and other assets in future
periods; sufficient availability of borrowing capacity;
fluctuations in demand for newly manufactured railcars or failure
to obtain orders as anticipated in developing forecasts; loss of
one or more significant customers; customer payment defaults or
related issues; sovereign risk to contracts, exchange rates or
property rights; actual future costs and the availability of
materials and a trained workforce; failure to design or manufacture
new products or technologies or to achieve certification or market
acceptance of new products or technologies; steel or specialty
component price fluctuations and availability and scrap surcharges;
changes in product mix and the mix between segments; labor
disputes, energy shortages or operating difficulties that might
disrupt manufacturing operations or the flow of cargo; production
difficulties and product delivery delays as a result of, among
other matters, inefficiencies associated with expansion or start-up
of production lines or increased production rates, changing
technologies, transfer of production between facilities or
non-performance of alliance partners, subcontractors or suppliers;
ability to obtain suitable contracts for the sale of leased
equipment and risks related to car hire and residual values;
integration of current or future acquisitions and establishment of
joint ventures; succession planning; discovery of defects in
railcars or services resulting in increased warranty costs or
litigation; physical damage or product or service liability claims
that exceed our insurance coverage; train derailments or other
accidents or claims that could subject us to legal claims; actions
or inactions by various regulatory agencies including potential
environmental remediation obligations or changing tank car or other
rail car or railroad regulation; and issues arising from
investigations of whistleblower complaints; all as may be discussed
in more detail under the headings "Risk Factors" and "Forward
Looking Statements" in our Annual Report on Form 10-K for the
fiscal year ended August 31, 2014,
and our other reports on file with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's
opinions only as of the date hereof. Except as otherwise
required by law, we do not assume any obligation to update any
forward-looking statements.
Photo- http://photos.prnewswire.com/prnh/20150707/232949
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/admiral-thomas-b-fargo-elected-to-greenbrier-board-of-directors-300109944.html
SOURCE The Greenbrier Companies, Inc. (GBX)