DALLAS--(BUSINESS WIRE)--
Trinity Industries, Inc. (NYSE: TRN) (“Trinity”), announced today that
it has completed the separation of its infrastructure-related business,
Arcosa, Inc. (“Arcosa”), a growth-oriented manufacturer of
infrastructure-related products and services with leading positions in
construction, energy, and transportation markets. The spin-off was
effected through a pro rata dividend to Trinity’s stockholders of all
outstanding Arcosa shares and is intended to qualify as a tax free
distribution for federal income tax purposes.
Arcosa will begin trading “regular way” on the New York Stock Exchange
under the ticker symbol “ACA” at market open today. As a result of the
spin-off, Trinity’s focus will center on its integrated rail
manufacturing, leasing, and services businesses while continuing to
operate its highway products and logistics businesses.
“Today marks an exciting day for the future of Trinity Industries and
our history of evolutionary growth,” said Timothy R. Wallace, Trinity’s
Chairman, Chief Executive Officer and President. “We applaud all of our
employees for their energy and enthusiasm in achieving this important
milestone. The spirit in which they approached their individual
contributions to the separation is testament to our core values of
flexibility, collaboration, and dedication to excellence.”
Mr. Wallace continued, “I look forward to focusing our attention and
resources on growth initiatives in the North American railcar industry
while optimizing our capital structure to support our operational and
financial objectives. Trinity’s history of expanding its products and
services gives me a great deal of confidence in our ability to continue
to improve, expand, and grow the Company’s footprint in the North
American railcar industry.”
In conjunction with the spin-off and go forward operations of the
Company, Trinity also announced today that it has resized and extended
its unsecured corporate revolving credit facility through November 2023.
The facility was previously scheduled to mature in May 2020. The
facility commitment was also decreased from $600 million to $450 million
to more appropriately align with the size of the Company’s continuing
operations.
About the Spin-off
The Arcosa stock dividend occurred effective at 12:01 a.m. local New
York City time on November 1, 2018. Trinity stockholders of record as of
5:00 p.m. local New York City time on October 17, 2018 received one
share of Arcosa common stock for every three shares of Trinity common
stock held as of the record date. No fractional shares of Arcosa’s
common stock were distributed. Fractional shares of Arcosa’s common
stock were aggregated and are being sold on the open market. The
aggregate net proceeds of the sales will be distributed pro rata (based
on the fractional share such holder would otherwise be entitled to
receive) to Trinity stockholders who would otherwise have been entitled
to receive a fractional share of Arcosa’s common stock.
COMPANY DESCRIPTIONS
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns
businesses that are leading providers of rail transportation products
and services in North America. Our rail-related businesses market their
railcar products and services under the trade name TrinityRail®.
The TrinityRail integrated business platform provides railcar
manufacturing, maintenance and modifications, as well as railcar leasing
and management services. Trinity also owns businesses engaged in the
manufacture of products used on the nation’s roadways and in traffic
control, as well as logistical and transportation businesses that
provide support services to a variety of industrial manufacturers.
Trinity reports its financial results in three principal business
segments: the Rail Group, the Railcar Leasing and Management Services
Group, and the All Other Group. For more information, visit: www.trin.net.
About Arcosa
Arcosa, Inc., headquartered in Dallas, Texas, is a growth-oriented
manufacturer of infrastructure-related products and services with
leading positions in construction, energy, and transportation markets.
Arcosa reports its financial results in three principal business
segments: the Construction Products Group, the Energy Equipment Group,
and the Transportation Products Group. For more information, visit www.arcosa.com.
Beginning on November 1, 2018, Arcosa will begin “regular-way” trading
on the NYSE under the symbol “ACA.”
Some statements in this release, which are not historical facts, are
“forward-looking statements” as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements about Trinity's estimates, expectations, beliefs, intentions
or strategies for the future, and the assumptions underlying these
forward-looking statements, including, but not limited to, future
financial and operating performance, future opportunities and any other
statements regarding events or developments that Trinity believes or
anticipates will or may occur in the future. Trinity uses the words
“anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,”
“forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” and similar
expressions to identify these forward-looking statements.
Forward-looking statements speak only as of the date of this release,
and Trinity expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement
contained herein to reflect any change in Trinity’s expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statement is based, except as required by federal
securities laws. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
historical experience or our present expectations, including but not
limited to risks and uncertainties regarding economic, competitive,
governmental, and technological factors affecting Trinity’s operations,
markets, products, services and prices, and such forward-looking
statements are not guarantees of future performance. For a discussion of
such risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements, see “Risk
Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on
Form 10-K for the most recent fiscal year, as may be revised and updated
by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current
Reports on Form 8-K.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005084/en/
Trinity Industries, Inc.
Jessica Greiner
Investors:
214-631-4420
Media Line: 214-589-8909
Source: Trinity Industries, Inc.