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FreightCar America Announces Joint Venture in IndiaFreightCar America, Inc. (NASDAQ:RAIL) announced today that it has entered into a joint venture with Titagarh Wagons Limited of Kolkata, India to develop freight railcars for the Indian market. Under the terms of the joint venture agreement, FreightCar America and Titagarh will initially develop prototype cars based on FreightCar America’s designs and assess the market opportunity in India. If the initial stage is successful and market conditions are favorable, then it is expected that the joint venture company will begin railcar production in India beginning in 2009 using manufacturing methods that FreightCar America has developed. Titagarh Wagons Limited is one of the leading private-sector railway wagon manufacturers in India. Titagarh is primarily engaged in the manufacture of railway wagons, Bailey Bridges, heavy earth moving and mining equipment, and steel and SG iron castings of moderate to complex configuration. Titagarh is also an "Industry Partner" to the Defense Research and Development Establishment of the Indian Ministry of Defense. FreightCar America, Inc. manufactures railroad freight cars. In addition to coal cars, FreightCar America designs and builds bulk commodity cars, flat cars, mill gondola cars, intermodal cars, coil steel cars and motor vehicle carriers. It is headquartered in Chicago, Illinois and has facilities in Danville, Illinois; Roanoke, Virginia; and Johnstown, Pennsylvania. More information about FreightCar America is available on its website at www.freightcaramerica.com. This press release contains forward-looking statements under the federal securities laws. The forward-looking statements relate to the Company's expected future business plans, strategies and objectives and are not historical facts. They are generally identified by qualifiers such as “will,” “may,” "estimate," "anticipate,” “it is expected,” or similar expressions. There are risks and uncertainties the outcome of which could cause the Company's results to differ materially from what is projected. The forward-looking statements should be read in conjunction with the Company's most recent annual report, as well as the Company's Form 10-K and other reports filed with the Securities and Exchange Commission, containing a discussion of the Company's business and of various factors that may affect it. # # # |
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