American Railcar Industries, Inc. entered into a purchasing and engineering services agreement and license with ACF Industries, LLC (ACF). The Agreement was unanimously approved by the independent directors of company's audit committee on the basis that the terms of the Agreement were not materially less favorable to the company than those that could have been obtained in a comparable transaction with an unrelated person. Additionally, the company has granted ACF a non-exclusive, non-assignable license to certain of ARI's intellectual property, including certain designs, specifications, processes and manufacturing know-how required to manufacture and sell such tank railcars during the term of the Agreement.

Subject to certain early termination events, the Agreement shall terminate on December 31, 2014.