MIAMI, FL -- (MARKET WIRE) -- 12/20/10 --
Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today announced it has reached an agreement to acquire the full service leasing and rental business of Carmenita Leasing, Inc., located in Santa Fe Springs, Calif. The acquisition is expected to be finalized on or around January 7, 2011 and is subject to customary closing conditions.
Per the terms of the transaction, Ryder will acquire Carmenita's truck fleet of 189 full service lease and rental units, and approximately 58 contract customers, as well as its Santa Fe Springs, California location. Once the acquisition is completed, the new Ryder facility will be located at 15605 Cornet Street, Santa Fe Springs, CA. 90670.
"This acquisition strengthens our position in the Southern California market, building on our recently announced acquisition of The Scully Companies, headquartered in Fontana, California," said Ryder Chairman and Chief Executive Officer Greg Swienton. "While Ryder is temporarily closing its Santa Fe Springs, California location due to the California freeway expansion, we are pleased to be able to provide our existing customers with a convenient, nearby location. We also look forward to providing Carmenita's lease customers with access to a broader geography of Ryder locations, and new services and solutions for which Ryder is recognized in the industry."
"Ryder has been a reputable market leader for 77 years supporting more than 16,000 customers," said Bob Zapotosky, CFO, Carmenita Leasing, Inc. "As a result of this sale, Ryder will be able to provide Carmenita's customers with new resources and increased product offerings including insurance, which will help customers grow in the competitive marketplace."
About Carmenita Leasing, Inc.
Carmenita Leasing, Inc. is a full service truck leasing and rental company that has been serving the Southern California marketplace for over 30 years. It provides all makes and models from pickups to tractor/trailers. For more information, visit www.carmenitaleasing.com.
Ryder is a FORTUNE 500® commercial transportation, logistics and supply chain management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Inbound Logistics magazine has recognized Ryder as the top third party logistics provider and Security magazine has named Ryder one of the top companies for security practices in the transportation, logistics, supply chain, and warehousing sector. Ryder is a proud member of the American Red Cross Annual Disaster Giving Program, supporting national and local disaster preparedness and response efforts. For more information on Ryder System, Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning the terms and timing of the acquisition and statements concerning integration, customers and services. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For Information Contact:
Lisa Brumfield Hagen
Source: Ryder System, Inc.