FreightCar America, Inc. Announces New Organizational Structure

  FreightCar America, Inc. Announces New Organizational Structure

Business Wire

CHICAGO -- October 23, 2013

FreightCar America, Inc. (NASDAQ:RAIL) today announced a new organizational
structure to better align the company’s resources with its strategic
priorities.

The new structure involves the realignment of various functions and the
creation of new leadership roles, each of which will report to Joseph (Joe) E.
McNeely, President and Chief Executive Officer. The changes include the
implementation of a leaner organization structure, the creation of a new
railcar product development function and the realignment of the company’s
repair and parts businesses.

In the new structure, Sean Hankinson, currently Vice President of Sales, North
America, will serve as the Vice President, Manufacturing Operations where he
will be responsible for Railcar Production and Engineering, Purchasing,
Quality, and Environmental, Health and Safety (EH&S). Mr. Hankinson, who has
been with FreightCar America for 21 years, has held various positions in the
areas of manufacturing engineering, operations leadership and sales. To ensure
continuity of customer service, Theodore W. Baun, the company’s Senior Vice
President, Marketing and Sales, will assume direct responsibility for Mr.
Hankinson’s current North American sales leadership activities.

Gregory P. Josephson, who most recently served as the Senior Manager of
Product Development, will serve as the Vice President, New Product
Development, and will oversee all new railcar product development. In this
role, he will oversee a dedicated cross functional team to identify and bring
new railcar types to market. Mr. Josephson has more than 18 years of
experience at FreightCar America, holding various positions in Engineering.

The railcar Repair Business will be led by James T. Allen who will serve as
General Manager of the business. Mr. Allen joined FreightCar America in 2012
as the General Manager for repair shop operations. Previously, he gained
significant railcar repair and repair operations experience by leading those
functions during his 20 years at GATX.

The company is also realigning its parts operations under a newly created
Parts Business. An active search is currently underway to identify a leader
for this business.

“This new approach better aligns FreightCar America’s organizational structure
with the company’s strategic priorities,” said Mr. McNeely. “Importantly,
these changes highlight our commitment to new product development –
particularly as we seek to expand our non-coal car products – and better
position FreightCar America to respond quickly to the changing dynamics in the
marketplace and to more effectively serve our customers. Moreover, by creating
clear lines of accountability and greater operational efficiencies across our
business, we will be well-positioned to drive profitable growth and increase
shareholder value.”

Mr. McNeely added, “I’d also like to recognize Sean, Greg and James on their
promotions – each individual brings extensive industry and company experience
to his new position and is ideally suited to guide their respective functions.
I look forward to working closely with them, and the rest of the team, as we
build on our strong platform for the future.”

As part of the organizational structure changes, Terrence G. Heidkamp, Senior
Vice President, Operations announced that he will be leaving FreightCar
America to pursue other opportunities, effective at the end of October.

Commenting on Mr. Heidkamp’s departure, Mr. McNeely said, “We would like to
thank Terry for his contributions and dedication to FreightCar America during
a period of rapid change for the company, and we wish him well in his future
endeavors.”

FreightCar America, Inc. manufactures railroad freight cars, supplies railcar
parts, leases freight cars through its JAIX Leasing Company subsidiary, and
provides railcar maintenance, repairs and management through its FreightCar
Rail Services, LLC subsidiary. FreightCar America designs and builds coal
cars, 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 the following locations: Clinton, Indiana,
Cherokee, Alabama, Danville, Illinois, Lakewood, Colorado, Grand Island,
Nebraska, Hastings, Nebraska, Johnstown, Pennsylvania, and Roanoke, Virginia.
More information about FreightCar America is available on its website at
www.freightcaramerica.com.

Contact:

MEDIA:
FreightCar America, Inc.
Thomas P. McCarthy, (800) 458-2235
 
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