Mitsubishi UFJ Lease & Finance Company Limited (MUL) announced that it opened an MUL Railcars, Inc. (MULR) office in Portland, Oregon, serving as the base of operations for the company’s railcar leasing business in the U.S.
MUL has steadily expanded its railcar business primarily through a strategic business alliance with The Greenbrier Companies (GBX). In order to keep pace with the growth of MUL’s rail business in the U.S., the company has committed to the establishment of a fully staffed office dedicated to its independent rail car leasing activity. James T. Sharp has been appointed as the President and CEO of MULR.
This year, MUL and GBX signed a USD 1 billion agreement that includes a multi-year purchase commitment by MUL for 6,000 newly-manufactured railcars from Greenbrier through 2020. MUL has committed to obtain all its newly-manufactured railcars exclusively from Greenbrier through 2023.
During this next phase of development, the Group aims to expand its portfolio to hold 25,000 rail cars by 2020, and position itself to grow into the top 10 companies in the U.S. railcar leasing market. MULR will continue to grow a diverse portfolio through primary and secondary acquisition channels and build a professional leasing organization that delivers competitive and comprehensive leasing and service solutions in keeping with MUL’s high standards for integrity and customer focus.
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