The InStar Group, a Morristown-based railcar leasing company, announced Tuesday it has agreed to purchase more than 2,000 railcars from CAI International, a transportation finance and logistics company.
The purchase will help expand Instar’s fleet, it said.
“This purchase marks a significant milestone for InStar and will immediately allow us to better serve our customers,” Umesh Choksi, CEO and president, Instar, said. “We pride ourselves on providing comprehensive services and solutions to North American shippers and railroads, and the expansion of our fleet allows us to provide a more diverse product offering while further developing our services.”
The sale of 1,946 railcars has been completed, and a remaining 200 are currently being manufactured. The sale of those is expected to be completed in the second quarter of 2019.
Financial terms were not disclosed.
