GATX Corporation announced its purchase of GE Capital Rail Services’ North American per diem boxcar fleet, consisting of more than 18,500 boxcars. The purchase price was approximately $340 million.

Brian A. Kenney, president and chief executive officer of GATX 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. Many of the customers utilizing this fleet are existing GATX customers, and this acquisition enhances our ability to meet these customers’ broad rail transportation needs. The transaction is expected to be immediately accretive, although at this point we are not adjusting our previously announced 2014 earnings guidance.”

GATX expects the acquired fleet to generate approximately $70 million in annual revenue. The average age of the fleet is 34 years relative to the statutory life of 50 years.