The Greenbrier Companies and Astra Rail Management are set to form a new company called Greenbrier-Astra Rail headquartered in the Netherlands.

The new freight railcar manufacturing, engineering and repair company will be formed between Greenbrier's European operations in Swidnica, Poland and Astra Rail based in Germany and Arad, Romania. 

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Greenbrier-Astra Rail will have principal operations in Poland and Romania. It will have six production and repair facilities across Europe.  

Greenbrier will pay €30m to Astra Rail at closing as partial consideration for its majority interest, in addition to another €30m 12 months after closing. 

"We will create a company that will be stronger and more able to pursue future growth opportunities in the European region and beyond."

Greenbrier chairman and CEO Bill Furman said: "Greenbrier-Astra Rail extends our core competency in freight railcar building, aftermarket services and engineering for all railroad gauges, with a network spanning from North and South America to all of Western Europe, the GCC and Eurasia. 

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“The combined enterprise will bring increased scale in Europe. Importantly, it also will bring the capability to serve new global markets in places of increasing demand."

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The new company will be controlled by Greenbrier with around 75% interest, and will comprise all European operations of Greenbrier and Astra Rail. 

Greenbrier and Astra Rail each currently operate three locations performing new railcar manufacturing, engineering and repair services. 

Contracts with Gulf Cooperation Council (GCC) based customers for US-style freight railcars will continue to be designed and manufactured as usual.

Astra Rail chairman Thomas Manns said: "By combining the European operations of Greenbrier and Astra Rail, we will create a company that will be stronger and more able to pursue future growth opportunities in the European region and beyond. 

“This combination will expand our base of executive talent and will grow our engineering and technical resources for the support and development of freight railcar manufacturing and services throughout the world."