US-based railcar operator GATX Corporation has purchased GE Capital Rail Services’ North American per diem boxcar fleet, consisting of more than 18,500 boxcars, in a deal worth $340m.

GE offers boxcars in 70t and 100t sizes as well as in various configurations including 70t Rigid Boxcars, 70t Cushioned Boxcars and 100t Boxcars.

The 70-ton Rigid Boxcars feature 10ft sliding doors and standard draft gear; 70t Cushioned Boxcars include 10ft, 12ft and double 8ft doors, 220,000 pounds gross rail load and 50ft interior lengths.

"This fleet acquisition establishes GATX as the leader in the boxcar leasing market."

The 100t Boxcars have 263,000lb or 286,000lb gross rail load, cushioned or rigid underframes and 10ft, 12ft or double 8ft plug or sliding doors.

GATX Corporation president and CEO Brian Kenney said: "This fleet acquisition establishes GATX as the leader in the boxcar leasing market and adds a significant number of railcars to our fleet that are critical-use assets for certain important sectors of the North American economy.

"The transaction is expected to be immediately accretive, although at this point we are not adjusting our previously announced 2014 earnings guidance."

The fleet is anticipated to generate around $70m in annual revenues and the average age of the fleet is 34 years relative to the statutory life of 50 years.