About Trinity Industries

Trinity Industries, Inc. and its consolidated subsidiaries (Trinity) provide railcar products and services in North America. The company markets its railcar products and services under the trade name TrinityRail. The TrinityRail platform provides railcar leasing and management services; railcar manufacturing, maintenance and modifications; and other railcar logistics products and services. The company’s purpose is delivering goods for the good of all by being a provider of railcar products and services. The company operates industry-leading railcar leasing, manufacturing, and services businesses, providing a single source for comprehensive rail transportation solutions and services in North America. The company continuously grows and enhances its product and service offerings to optimize the ownership and use of railcars and improve the company’s customers' logistics operations. The company coordinates sales and marketing activities under the TrinityRail platform, thereby providing a single point of contact for railroads, shippers, and third-party leasing companies seeking rail equipment and services. Segments The company operates through two segments: Railcar Leasing and Management Services Group and Rail Products Group. Railcar Leasing and Management Services Group The company’s Railcar Leasing and Management Services Group (‘Leasing Group’) is a leading provider in North America of comprehensive railcar industry services. Through wholly-owned subsidiaries, including Trinity Industries Leasing Company (‘TILC’), and partially-owned subsidiaries, TRIP Rail Holdings LLC (‘TRIP Holdings’) and RIV 2013 Rail Holdings LLC (‘RIV 2013’), the company primarily offers operating leases for freight and tank railcars. In addition, TILC originates and manages railcar leases for third-party investors and provides fleet maintenance and management services to industrial shippers. The company’s affiliations with third-party investor-owned funds, through strategic railcar alliances and the formation of railcar investment vehicles, combined with TILC's fleet maintenance and management services capabilities, complement the company’s leasing business by generating stable fee income, strengthening customer relationships, and enhancing the view of TrinityRail as a leading provider of railcar products and services. The company is a leader in the rail industry digital transformation by providing digital and terminal management services designed to increase the efficiency and visibility of the supply chain, while leveraging data, insights, and analytics to make decisions that improve operations and reduce costs. The railcars in the company’s lease fleet are leased to industrial shippers and railroads. These companies operate in various markets, including refined products and chemicals, energy, agriculture, construction and metals, and consumer products. Substantially all of the railcars in the company’s lease fleet were manufactured by its Rail Products Group. The company serves its customers predominantly through full-service leases. As of December 31, 2023, the lease fleet of the company’s subsidiaries included 109,295 railcars that were 97.5% utilized, of which 106,800 railcars were owned by TILC or its affiliates and 2,495 railcars were under leased-in arrangements. Railcars under management, including those owned by third-party investors, totaled 142,300 railcars. Rail Products Group Through wholly-owned subsidiaries with facilities in the U.S. and Mexico, the company’s Rail Products Group is a leading manufacturer of freight and tank railcars in North America used for transporting a wide variety of liquids, gases, and dry cargo. Additionally, the company’s Rail Products Group offers a sustainable railcar conversion program whereby certain tank cars and freight cars are converted or upgraded to better meet changing market demands. The company’s Rail Products Group's diversified manufacturing capabilities enable the company to capitalize on changing industry trends and developing opportunities in various markets. The company offers a full range of services to support the maintenance needs of its leased railcar fleet and the company’s customers' railcars. The company’s flexible solutions include field inspections and comprehensive compliance testing; standard repairs and maintenance; and specialized cleaning, inspection, and testing at multiple facilities in the U.S. Additionally, the company provides modification capabilities and assist in transitioning railcars to new industry standards. The company’s parts business provides complementary rail-related offerings, including manufacturing and distributing new, refurbished, and replacement parts. The company’s investments in its maintenance services and parts and components businesses extend and enhance the company’s ability to serve its lease fleet and its customers. The company’s customers include railroads, leasing companies, and industrial shippers of products in various markets, such as refined products and chemicals, energy, agriculture, construction and metals, and consumer products. Marketing The company sells or leases substantially all of its products and services through its own sales personnel operating from offices in multiple U.S. locations, as well as Canada and Mexico. The company also uses independent sales representatives on a limited basis. Governmental Regulation The company’s railcar and related manufacturing, maintenance services, and leasing businesses are regulated by multiple governmental regulatory agencies such as the U.S. Environmental Protection Agency (‘USEPA’); Transport Canada (‘TC’); the U.S. Department of Transportation (‘USDOT’) and the administrative agencies it oversees, including the Federal Railroad Administration (‘FRA’), the Pipeline and Hazardous Materials Safety Administration (‘PHMSA’), and the Research and Special Programs Administration; Mexico's Agencia Reguladora del Transporte Ferroviario; Mexico's Secretaria de Comunicaciones y Transportes; and industry authorities, such as the Association of American Railroads (‘AAR’). The company’s operations are subject to regulation of health and safety matters by the U.S. Occupational Safety and Health Administration (‘OSHA’) and the Secretaria del Trabajo y Prevision Social (‘STPS’) in Mexico. History Trinity Industries, Inc. was incorporated in 1933 and became a Delaware corporation in 1987.