Cit Group Orders 90 Emd Locos - CIT Group Inc. buys Electro-Motive Division locomotives - Brief Article

Railway Age, Oct, 1999

The CIT Group, Inc., is racking up a row of firsts with its acquisition of 90 new locomotives--40 SD90MAC/4300 high speed units and 50 GP15D and GP20D road switchers--from the Electro-Motive Division of General Motors. "This acquisition marks the first ever of new locomotives for CIT and the first ever of new locomotives for an operating lessor," said Nikita Zdanow, president and CEO of The CIT Group/Capital Finance. It's also said to be the largest order for new switcher locomotives in more than 15 years. Delivery of the a.c. traction units will begin in this year's fourth quarter. The road switchers will be delivered beginning in first-quarter 2000.

The new locomotives, which will join CIT's existing fleet of nearly 400 units, will be assigned to Class I, regional, and short line railroads on short- to medium-term operating leases.