Interpool to Sell Containers Unit to Swiss Group

March 15, 2006 2:00 PM, EST

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nterpool Inc. said Wednesday its container subsidiary has entered into an agreement to sell the majority of its cargo containers to a Swiss investor group for $515 million.

The sale involves a about 273,000 containers. The price is expected to result in an after-tax gain for Interpool of about $58 million to $62 million in the first quarter, the company said.

Interpool and its 50%-owned subsidiary, Container Applications International, will perform management services on behalf of the purchaser, and Interpool will continue leasing cargo containers and container chassis to shipping lines and other customers.

The sale is expected to close by the end of March.