February 03, 2014

CIT Group acquires wagon lessor Nacco

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NORTH America's third-largest wagon leasing company CIT is to expand its business into Europe with the acquisition of Nacco, France, which was announced on February 3.

Nacco owns more than 9500 wagons and leases vehicles to more than 150 customers in 16 countries.

CIT has declined to disclose details of the transaction.

Mr Dan DiSteffano, senior vice president and general manager, locomotives, for CIT Rail has been appointed as the new president of Nacco.

Headquartered in Paris, Nacco has subsidiaries in Germany and Britain.

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