Chicago, Illinois-headquartered GATX Corporation has entered into a stock purchase agreement for the sale of its American Steamship Company (ASC) business to New Jersey-based Rand Logistics for a purchase price of $260 million.
The 12-ship ASC fleet, the largest under the US-flag trading on the Great Lakes, consists of self-unloading vessels that range in length from 635-feet to 1,000-feet.
The transaction is subject to customary closing conditions and regulatory approvals.
