The Greenbrier Companies
The Greenbrier Companies is a U.S.-based supplier of freight railcars, railcar services, leasing, fleet management and related transportation equipment.
Last updated August 25, 2026
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Overview
The Greenbrier Companies is an American transportation-equipment company headquartered in Lake Oswego, Oregon. Its principal business is the design, manufacture and supply of freight railcars and related equipment, supported by railcar refurbishment, wheel and component services, fleet management, leasing and remarketing. The company serves railroads, leasing companies, shippers and other participants in the global freight-transportation market. Greenbrier was formed in 1981 when Commercial Metals Company sold Greenbrier Leasing Corporation to Alan James and William A. Furman. The company expanded its industrial base in 1985 by acquiring the Marine and Rail Equipment Division of FMC, the business descended from Gunderson Bros. Engineering Corporation. Gunderson had entered freight-railcar production in 1958 after winning an order to build boxcar underframes for Southern Pacific Railroad. That heritage gave Greenbrier an established manufacturing platform and a base for later specialization in large freight cars, intermodal equipment and marine-related fabrication. The company grew during the expansion of North American rail freight in the late twentieth century. It established a rail-services division in 1991, became publicly traded in 1994 and acquired TrentonWorks in Nova Scotia in 1995. International expansion followed through the acquisition of Polish manufacturer Wagony Świdnica in 1998 and manufacturing partnerships in Mexico. Greenbrier subsequently developed production and service operations in Mexico, Brazil, Poland and Romania, creating a geographically distributed manufacturing network. Its product portfolio includes boxcars, covered hoppers, gondolas, flatcars, tank cars, auto racks, intermodal well cars, articulated equipment and specialized automobile carriers such as AutoMax and Multi-Max. The company also supplies railcar parts and reconditioned wheelsets and operates or manages maintenance capabilities for freight-car fleets. Through Greenbrier Leasing Company and GBX Leasing, it owns or manages railcar fleets and provides leasing, syndication, maintenance administration, regulatory-compliance support, car-hire processing and railcar remarketing. Greenbrier has used acquisitions and joint ventures to broaden its capabilities. Important transactions included the creation of GIMSA in Mexico, the combination of its European activities with AstraRail, the investment in Brazilian producer Amsted-Maxion, the acquisition of American Railcar Industries in 2019 and the formation of GBX Leasing in 2021. The 2019 American Railcar Industries acquisition added manufacturing, component and parts operations and increased Greenbrier’s exposure to the North American railcar market. The company also influenced freight-rail safety through its 2014 Tank Car of the Future initiative. The design incorporated additional safety features for tank cars used to transport hazardous materials and contributed to the development and adoption of the DOT-117 standard. Greenbrier later exited marine manufacturing by selling the Gunderson Marine facility in 2023. It also sold its Turkish Rayvag interest and subsequently ended Vagon operations in 2025, reflecting a continuing concentration on railcars and related services. Leadership changed in 2022 when founder William A. Furman stepped down as chief executive officer and Lorie Tekorius, previously president and chief operating officer, became president and CEO. Greenbrier continues to operate as a publicly traded supplier to freight-transportation markets, with manufacturing and service facilities across North America, South America and Europe.
History
The Greenbrier Companies’ industrial heritage reaches back to Gunderson Bros., an Oregon engineering and manufacturing business founded in 1938 by Chester and Alvin Gunderson. The earlier enterprise began in automotive wheel and rim services before moving into trailer production. During the Second World War it built vessels, landing craft, lifeboats and military trailers. After the war, its Front Avenue operation produced barges, tugs, trawlers, structural steel, storage tanks, bridges and other large metal products. Gunderson entered the freight-rail equipment industry in 1958 after winning a Southern Pacific Railroad order for boxcar underframes. Rail production became increasingly important, and the company later developed intermodal equipment, including articulated spine cars and double-stack well cars. In 1965 the Gunderson business was sold to FMC Corporation and became FMC’s Marine and Rail Equipment Division in 1973. Although the early-1980s recession sharply reduced railcar orders, the division continued developing equipment for emerging intermodal transportation systems. Greenbrier’s corporate predecessor was Greenbrier Leasing Corporation, formed in 1970 by Commercial Metals Company and M.D. Friedman. Commercial Metals sold the leasing company in 1981 to Alan James and William A. Furman, who established the modern Greenbrier organization. In 1985 Greenbrier acquired FMC’s Marine and Rail Equipment Division and renamed the operation Gunderson, Inc. This transaction connected Greenbrier’s leasing background with a major manufacturing platform. Rail freight growth in North America drove expansion during the 1990s. Greenbrier created a rail-services division in 1991, went public in 1994 and acquired TrentonWorks in Nova Scotia in 1995. TrentonWorks later closed in 2007 amid unfavorable currency conditions and lower manufacturing costs in Mexico. In 1998 Greenbrier acquired Polish railcar maker Wagony Świdnica and entered a joint venture with Bombardier at a former Concarril plant in Sahagún, Mexico. Greenbrier acquired Bombardier’s interest in 2004. The company expanded its Mexican footprint through GIMSA, created with Grupo Industrial Monclova in 2006, and later established or acquired additional facilities, including Greenbrier Tlaxcala. In South America, Greenbrier acquired a minority position in Amsted-Maxion Hortolândia in 2015 and took majority control of the resulting Greenbrier Maxion business in 2017. In Europe, it combined its activities with AstraRail in 2016, creating Greenbrier AstraRail and adding Romanian production facilities. A 2018 transaction gave Greenbrier a majority stake in Turkish manufacturer and services provider Rayvag. Safety became a prominent part of the company’s public profile in 2014, when Greenbrier promoted its Tank Car of the Future. The initiative proposed stronger tank-car protection for hazardous-material shipments and supported the industry movement that resulted in the DOT-117 standard. Greenbrier also formed GBW Railcar Services with Watco in 2014, although the partners later discontinued the venture in 2018. In 2019 Greenbrier acquired American Railcar Industries. The transaction broadened its manufacturing and component operations and strengthened its North American platform. That same year the company began publishing an annual sustainability report. In 2021 it formed GBX Leasing with The Longwood Group to build and manage a portfolio of leased railcars; Greenbrier acquired Longwood’s minority interest in 2023, making GBX Leasing wholly owned. Leadership transitioned in 2022 when William A. Furman retired from the CEO role and Lorie Tekorius became president and CEO. In 2023 Greenbrier sold the Gunderson Marine facility to Oregon Green Manufacturing and exited marine manufacturing. It also sold its Rayvag stake, subsequently forming Greenbrier Vagon in Turkey; those operations ended in 2025. The company’s current identity is therefore centered on freight-railcar manufacturing, railcar maintenance and components, leasing, fleet management and related transportation services across North America, South America and Europe.
- 2023
Exit from marine manufacturing
[1]Greenbrier sold the Gunderson Marine facility and concentrated its portfolio on rail equipment and services.
- 2022
CEO transition
[1]Lorie Tekorius succeeded William A. Furman as president and CEO.
- 2021
GBX Leasing is formed
[1]Greenbrier and The Longwood Group established GBX Leasing to develop a portfolio of leased railcars.
- 2019
American Railcar Industries acquisition
[1]The acquisition expanded Greenbrier’s North American manufacturing, component and parts operations.
- 2014
Tank Car of the Future initiative
[1]Greenbrier introduced an enhanced-safety tank-car design that contributed to the development of the DOT-117 standard.
- 1998
European and Mexican expansion
[1]Greenbrier acquired Wagony Świdnica in Poland and formed a Mexican manufacturing joint venture with Bombardier.
- 1994
Public listing
[1]The Greenbrier Companies became a publicly traded company.
- 1985
Acquisition of FMC rail and marine division
[1]Greenbrier acquired FMC’s Marine and Rail Equipment Division and renamed the operation Gunderson, Inc.
- 1981
Modern Greenbrier company is formed
[1]Commercial Metals sold Greenbrier Leasing Corporation to Alan James and William A. Furman.
- 1958
Gunderson enters freight-railcar production
[1]Gunderson won an order to build boxcar underframes for Southern Pacific Railroad, establishing a durable rail-equipment business.
Products and positioning
An integrated global freight-rail equipment and services provider combining railcar manufacturing with maintenance, components, leasing and fleet-management capabilities.
Rail equipment
Freight railcars
Greenbrier designs and manufactures conventional freight cars for North American, European and South American markets. Its range includes boxcars, covered hoppers, gondolas, flatcars, tank cars, center-partition cars and other specialized equipment. These cars support the movement of bulk commodities, manufactured goods, hazardous materials and general freight. Production is distributed across facilities in the United States, Mexico, Brazil, Poland and Romania.
Intermodal rail equipment
Intermodal well cars
The company produces articulated and double-stack well cars for intermodal container transportation. Greenbrier’s predecessor Gunderson developed Twin-Stack well equipment during the 1980s, and the company has since made intermodal equipment a major part of its railcar portfolio. These cars are designed to improve the efficiency of moving containers by rail, including in integrated rail-and-truck logistics networks.
Automobile carriers
AutoMax and Multi-Max
AutoMax and Multi-Max are proprietary railcar platforms for transporting finished automobiles. They are designed for high-capacity vehicle movement and form part of Greenbrier’s specialized-car portfolio. The platforms serve automotive logistics networks in which railroads and vehicle manufacturers require purpose-built equipment for secure, efficient shipment of cars and light trucks.
Tank cars · 2014
Tank Car of the Future and DOT-117 tank cars
Greenbrier’s Tank Car of the Future initiative introduced additional safety features for tank cars used to transport hazardous materials. The design work supported the broader adoption of the DOT-117 tank-car standard in the United States. The offering represents both a product-development program and a safety-focused response to regulatory and public concerns about hazardous-material rail shipments.
Rail services · 1991
Railcar maintenance and parts services
Greenbrier provides maintenance, refurbishment and component services for freight railcars. Its Maintenance Services business supplies reconditioned wheelsets, railcar parts and wheel-related services and supports an independent maintenance and repair-shop network in the United States. These activities extend the useful life of rail equipment and complement Greenbrier’s manufacturing and leasing operations.
Transportation asset services · 1970
Leasing and fleet management
Greenbrier Leasing Company and GBX Leasing own or arrange railcar fleets for customers and investors. Greenbrier Management Services supports fleet administration, maintenance coordination, car-hire processing, regulatory compliance and remarketing. The leasing and management platform allows Greenbrier to participate in the railcar lifecycle beyond the initial sale of equipment.
Marketing campaigns
- 2014Safer Tank Cars Now
United States · North America
Greenbrier led the Safer Tank Cars Now campaign to promote stronger tank-car designs and improved safety standards for hazardous-material rail transportation.
Outcome. The campaign was associated with the adoption of enhanced DOT-117 tank-car requirements and was later archived by the Library of Congress.
Brand decisions
2023
Exit from marine manufacturingStrategyBackground
Greenbrier reassessed its portfolio as its core activities increasingly centered on freight-rail equipment and services.
Action taken
The company sold the Gunderson Marine facility to Oregon Green Manufacturing.
Aftermath
The sale marked Greenbrier’s exit from marine manufacturing and reinforced its focus on railcars, rail services, leasing and fleet management.
2021
Formation and later full ownership of GBX LeasingM&ABackground
Greenbrier wanted to build an owned portfolio of leased railcars and partnered with The Longwood Group, a transportation-equipment advisory and asset-management firm.
Action taken
The companies formed GBX Leasing in 2021; Greenbrier acquired Longwood’s minority interest in 2023.
Aftermath
GBX Leasing became wholly owned by Greenbrier and strengthened its participation in railcar ownership and leasing.
2019
Acquisition of American Railcar IndustriesM&ABackground
Greenbrier pursued additional North American scale and greater control of railcar manufacturing, components and parts.
Action taken
It acquired American Railcar Industries.
Aftermath
The transaction expanded Greenbrier’s U.S. manufacturing and component footprint.
Transaction value. $400 million (2019 acquisition)
2016
Combination with AstraRailM&ABackground
Greenbrier sought to combine its European railcar activities with AstraRail Industries in order to expand its manufacturing presence in the region.
Action taken
The companies combined their European activities in a joint venture known as Greenbrier AstraRail.
Aftermath
The venture added Romanian manufacturing operations and ultimately became majority owned by Greenbrier.
Consideration paid. $60 million (2016 transaction)
2012
Rejection of Carl Icahn acquisition offerOtherBackground
Carl Icahn proposed to acquire Greenbrier for $20 per share, described at the time as a premium to the company’s market price.
Action taken
Greenbrier rejected the offer.
Aftermath
The company remained independent and continued its manufacturing, services and international expansion strategy.
Recent events
Greenbrier elects two directors to its board[3]
Reported:
The Greenbrier Companies announced the election of Ambassador Antonio Garza and James R. Huffines to its Board of Directors, increasing the board from 10 to 12 members.
Sources3 sources
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