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2017Annual Report

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2017Annual Report 2017Annual Report Trinity Industries, Inc.* is a diversified industrial company that owns complementary, market-leading businesses providing products and services to the energy, chemical, agriculture, transportation, and construction sectors. Our vision is to be a premier, diversified industrial company that owns market-leading businesses providing superior products and services to customers while generating high-quality earnings and returns for shareholders. As we begin our 85th year, our success is attributable to: · the skills, talents, and integrity of our people, · the strength of our market-leading positions, · the interconnections of our businesses, · the depth of our operational capabilities, and · our commitment to excellence and continuous improvement. * In this report, we also refer to Trinity Industries, Inc. as “Trinity,” “Company,” “we,” or “our.” TRN 2017 ANNUAL REPORT 1 Trinity’s businesses are market leaders. B A C E D F G H I J A. Trinity’s railcar manufacturing D. Trinity Structural Towers, Inc. is a H. Trinity Construction Materials, Inc. and leasing companies, using the leading manufacturer in North America of is a leading producer and distributor trade name TrinityRail®, are leading structural wind towers. in certain regions of the United States providers in North America of railcars, of lightweight and natural construction railcar leasing, and comprehensive rail E. Trinity Meyer Utility Structures, aggregates, including expanded shale industry services. LLC is a leading manufacturer in North and clay, crushed stone, sand and gravel, America of steel utility structures for asphalt rock, and various other products. B. Trinity Marine Products, Inc. is a electricity transmission and distribution. leading manufacturer in the United States I. Trinity Containers, LLC is a leading of inland barges and fiberglass barge F. Trinity Highway Products, LLC manufacturer in North America of storage covers. and Energy Absorption Systems, and distribution containers. Inc. are leading manufacturers in the C. Trinity Industries de Mexico is a United States of highway products. J. McConway & Torley, LLC is a leading manufacturer in Mexico of leading manufacturer in North America storage and distribution containers. G. Standard Forged Products, LLC is of railcar coupling devices. a leading manufacturer in North America of railcar axles. 2 TRN 2017 ANNUAL REPORT Trinity’s Five Business Segments Our businesses RAIL RAILCAR LEASING AND play an important GROUP MANAGEMENT SERVICES GROUP role in the overall Trinity’s Rail Group provides railcars, Trinity’s Railcar Leasing and Management railcar parts and components, and Services Group provides railcar leasing railcar maintenance services to a and comprehensive options for rail wide variety of industries, ranging industry services, enabling customers economy by from energy and chemicals to to focus on their core businesses. The agriculture, automotive, and construction. group consists of Trinity Industries Leasing Company (TILC), a leading TrinityRail Products, LLC provides provider of railcar leasing and engineering, logistics, and management services in North America, supplying essential administrative services to support and its subsidiaries. TILC offers a the manufacturing of railcars. variety of railcar leasing alternatives on new TrinityRail-manufactured Trinity North American Freight Car, railcars, as well as railcars from TILC’s transportation and Inc. manufactures a full line of freight lease fleet. railcars that transport dry cargo products, including automobiles, grains, Sales and marketing activities for all plastics, cement, industrial sand, coal, of Trinity’s railcar manufacturing and infrastructure-related and steel products. Trinity Tank Car, leasing businesses are coordinated Inc. manufactures a full line of under the trade name TrinityRail, pressurized and non-pressurized providing a single point of contact tank railcars that transport products for customers seeking rail products, ranging from renewable fuels to food leasing, and services. products and products, chemicals, petroleum products, and liquefied gases. TrinityRail Asset Management Company, LLC provides asset Trinity’s three railcar parts and management and advisory services services. components companies are Standard to institutional investors participating Forged Products, LLC, which in Railcar Investment Vehicles (RIVs). manufactures railcar and locomotive RIVs are customized portfolios of axles and large circular steel products; leased railcars developed and McConway & Torley, LLC, which managed by TrinityRail for institutional manufactures coupling devices; and investors seeking to invest capital in Trinity Parts & Components, LLC, leased railcars. which manufactures railcar parts and components. TrinityRail Maintenance Services, Inc. provides a complete array of railcar maintenance services. TRN 2017 ANNUAL REPORT 3 INLAND BARGE CONSTRUCTION ENERGY EQUIPMENT GROUP PRODUCTS GROUP GROUP Trinity’s Inland Barge Group manufactures Trinity’s Construction Products Group Trinity’s Energy Equipment Group products for the marine industry, consists of companies that provide includes companies that manufacture including barges that transport goods products and services for the a variety of energy-related products. on inland waterways, barge covers, construction industry and various and deck hardware. infrastructure projects. Trinity Structural Towers, Inc. is a leading manufacturer in North America of Trinity Marine Products (TMP) is a Trinity Construction Materials, Inc. structural wind towers. Trinity Meyer leading U.S. manufacturer of barges and its subsidiaries are leading Utility Structures, LLC is a leading that transport dry and liquid cargoes producers and distributors in manufacturer in North America of on inland waterways. TMP manufactures certain regions of the United States steel utility structures for electricity tank barges that carry petroleum and of lightweight and natural aggregates, transmission and distribution. other refined products, chemicals, including expanded shale and clay, fertilizer, ethanol, and other liquid crushed stone, sand and gravel, Trinity Containers, LLC is a leading cargoes. TMP also manufactures dry asphalt rock, and various other manufacturer in North America of cargo barges, including deck and products. pressurized and non-pressurized hopper barges that transport a variety containers that store and transport a of products, such as grain, coal, and Trinity Highway Products, LLC is a wide variety of products, including aggregates. leading U.S. manufacturer of highway propane, anhydrous ammonia, and guardrail and multiple proprietary natural gas liquids. Trinity Cryogenics, TMP is a leading U.S. manufacturer of products, including crash cushions, LLC manufactures cryogenic storage fiberglass hopper barge covers, used end terminals, and a cable barrier and transport containers. primarily on grain barges. Using the guardrail system. Energy Absorption brand name Nabrico®, TMP provides Systems, Inc. is a leading provider of Platinum Energy Services ULC a full line of deck hardware to the crash cushions as well as truck-mounted manufactures oil and gas processing marine industry, including hatches, attenuators, flexible post delineators, and storage equipment used at well castings, and winches for towboats and other transportation-related sites and in midstream locations. Trinity and dock facilities. products. Heads, Inc. produces tank heads for a variety of storage and distribution Trinity Shoring Products, Inc. provides containers and railcars. trench shoring equipment for the construction industry. Trinity Industries de Mexico, under the name TATSA, is a leading manufacturer in Mexico of storage and distribution containers. Trinity Industries de Mexico also produces a variety of railcars and other steel products for Trinity businesses and external customers. 4 TRN 2017 ANNUAL REPORT Trinity Industries, Inc. Announces Intention to Spin Off Company’s Infrastructure-Related Businesses In December 2017, Trinity announced that its Board of Directors approved a plan to pursue a spin-off of the Company’s infrastructure-related businesses to Trinity shareholders. This transaction NEW INFRASTRUCTURE is expected to result in two separate public COMPANY companies that will benefit from leading positions in their respective industries, strong free cash flow generation, and compelling growth opportunities. Trinity Industries, Inc. will be comprised primarily of Trinity’s industry-leading rail-related businesses. The new infrastructure company will be a growth-oriented company focused on infrastructure-related products and services. The transaction, planned as a tax-free spin-off to shareholders, is expected to be completed in the fourth quarter of 2018. In January 2018, Trinity announced that Timothy R. Wallace will continue as Chairman, Chief Executive Officer, and President of Trinity Industries following the spin-off and James E. Perry will continue as Chief Financial Officer. Trinity also announced that Antonio Carrillo, a member of its Board of Directors and formerly Chief Executive Officer of Mexichem S.A.B. de C.V., will become President and Chief Executive Officer of the new infrastructure company upon completion of the spin-off. Scott Beasley, currently Chief Financial Officer of the Construction, Energy, Marine, and Components Group, will serve as Chief Financial Officer of the new infrastructure company. CHAIRMAN’S LETTER TO OUR SHAREHOLDERS The letter can be found at
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