FreightCar America Completes Acquisition Of Trinity Equipment Company, Terms Undisclosed; Transaction Expected To Be Immediately Accretive To FreightCar

FreightCar America, Inc. (NASDAQ:RAIL) ("FreightCar America" or the "Company"), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today announced that it has completed the acquisition of Trinity Equipment Company ("TEC"), an independent, Michigan-based supplier of OEM and replacement railcar components and fastening solutions.

TEC brings complementary products and established customer and supplier relationships across North America. The acquisition broadens the range of components available through FreightCar America’s network and creates opportunities to grow sales to both new and existing customers.

"Building an integrated aftermarket platform with greater scale is central to FreightCar America’s long-term growth strategy," said Nick Randall, President and Chief Executive Officer of FreightCar America. "Bringing together complementary businesses expands our ability to support customers’ ongoing railcar maintenance and replacement needs. As we integrate these businesses, we see opportunities to grow organically and improve operating efficiency."

"We are pleased to welcome TEC and its team to FreightCar America," said Mike Riordan, Vice President, Chief Financial Officer of FreightCar America. "TEC’s product expertise and established relationships complement our existing aftermarket operations. This acquisition is consistent with our disciplined capital allocation framework and our focus on growing recurring aftermarket revenue. The transaction is expected to be immediately accretive to FreightCar America."