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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
SEPTEMBER 21, 1999
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(DATE OF EARLIEST EVENT REPORTED)
GATX CORPORATION
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEW YORK 1-2328 36-1124040
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(STATE OF INCORPORATION) (COMMISSION FILE NO.) (IRS EMPLOYER
IDENTIFICATION NO.)
500 WEST MONROE STREET
CHICAGO, ILLINOIS 60661
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(312) 621-6200
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
GATX Capital Corporation, an indirect wholly owned subsidiary
of GATX Corporation, filed on September 29, 1999 a current report on Form 8-K,
stating the following:
On September 21, 1999, GATX Capital Corporation ("GATX
Capital") announced that its new joint venture company, GATX
Flightlease Aircraft Company Ltd. ("GFAC"), has placed an order with
Airbus Industrie for 38 aircraft with a list price in excess of US$2
billion. GATX Capital has guaranteed 50% of the obligations of GFAC, on
a several basis, under the purchase agreement with Airbus Industrie. In
1998, GATX Capital had entered into a joint venture with Flightlease
AG, a subsidiary of the SAirGroup, to form GATX Flightlease Management
GmbH ("GFM"). SAirGroup, is the parent company of Swissair and other
businesses. GFM is an aircraft operating lease management company with
approximately 300 aircraft in its management portfolio. This management
portfolio includes aircraft wholly owned by either joint venture
partner, aircraft on order and non-wholly owned aircraft under
management and aircraft under management for third parties. In 1999,
GATX Third Aircraft Corporation ("GTAC", a wholly owned subsidiary of
GATX Capital) entered into a joint venture with Flightlease Holdings
(Guernsey) Limited ("FHG", a wholly owned subsidiary of Flightlease
AG), to form GFAC. GFAC was formed as an entity to own aircraft.
The full text of the announcement is reproduced below.
FOR IMMEDIATE RELEASE
GATX FLIGHTLEASE ANNOUNCES ORDER OF 38 AIRBUS AIRCRAFT
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CHICAGO, SEPTEMBER 20 - Flightlease AG, a subsidiary of the
SAirGroup, and GATX Capital Corporation, a subsidiary of GATX
Corporation, today announced that their new joint venture company,
GATX Flightlease Aircraft Company Ltd., has placed an order for 38
Airbus Industrie aircraft with a list price of US$2.2 billion. The
firm order encompasses 32 new A320 family aircraft (including 12
of the recently introduced 107-seater A318 aircraft) and 6 A330
family aircraft, with deliveries beginning in 2001 and continuing
through 2006. These aircraft will be managed by GATX Flightlease
Management GmbH, a company jointly established by Flightlease and
GATX Capital and which is one of the world's largest aircraft
lessors.
"We are pleased to announce this order for Airbus aircraft,"
said Hans-Jorg Hunziker, President and CEO of Flightlease AG and
Co-CEO of GATX Flightlease. "In just one year, the GATX and
Flightlease joint venture has exceeded all expectations for growth
and
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development by establishing itself as both a major aircraft
management company and as a significant investor in new aircraft.
We believe that through the combined effort, expertise and
cooperation of its two partners, GATX Flightlease today has
accomplished more as a single entity than either of its partners
could achieve individually."
Alan Coe, Executive Vice President of GATX Capital and Co-CEO
of GATX Flightlease said, "Today we are taking the logical next
step in the development of our innovative joint venture with
Flightlease. This order demonstrates our confidence in our joint
venture with Flightlease and the aircraft operating lease
business, as well as our confidence in the Airbus product. We want
GATX Flightlease to be the preferred provider of aircraft to
airlines around the world and we will continue to grow our joint
portfolio to ensure that we can meet the needs of our customers."
"We are gratified that the combined expertise of GATX Capital
and Flightlease endorse our products, their market appeal and
residential value potential," said Noel Forgeard, Airbus
Industrie's Chief Executive Officer. "We are very pleased to see
this new joint venture established as a strong believer in Airbus
Industrie aircraft, in particular as it is a new and different
breed of lessor."
GATX Flightlease is an aircraft management company with
approximately 300 aircraft in its portfolio. The company is
headquartered in Zurich, Switzerland, and has representative
offices in Toulouse, Tokyo, Seattle, and San Francisco, the home
of GATX Capital.
GATX Capital, which was the first lessor to place an advance
order of A320-family aircraft in 1986, is a diversified
international financial services company which provides
asset-based financing for transportation, industrial and
information technology equipment and owns and manages assets with
an original equipment cost of approximately $10 billion. GATX
Capital is a subsidiary GATX Corporation (NYSE: GMT) which
combined unique financing, asset and logistics solutions for
customer and partners worldwide. GATX's major assets are
comprised of railroad cars, locomotives, commercial aircraft,
bulk liquid terminals, pipelines, technology equipment,
warehouses and other capital assets.
Flightlease is the aircraft leasing company of the SAirGroup,
a dedicated, integrated group offering a constellation of
specialist know-how and expertise, leveraged by the intrinsic
synergy of an airline-related business structure.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
GATX CORPORATION
By: /s/BRIAN A. KENNEY
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Name: Brian A. Kenney
Title: Vice President-Finance
October 4, 1999
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