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Jul 29, 2011 1:51 PM

CIT Group Inc, a global leader in transportation finance, today announced that CIT Rail, the third largest railcar lessor in North America, ordered 5,000 railcars from multiple manufacturers.

The orders are for covered hopper cars and tank cars that support key industries, including oil/natural gas drilling, renewable fuels, and agriculture, which are experiencing increased demand and contributing to the economic recovery.

“It is important that we maintain a young, modern fleet of high-quality railcars that enable carriers and shippers to maximize loading efficiencies while transporting goods,” said George Cashman, president of CIT Rail. “These orders reinforce our commitment to the rail transportation industry and will allow us to capitalize on growth opportunities within the market.”

The orders, with deliveries scheduled throughout 2012, include the exercise of an option for an additional 1,750 railcars received when the company ordered 3,500 railcars earlier this year.