MIAMI, FL, Apr 14, 2008 (MARKET WIRE via COMTEX News Network) -- Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, today announced it has reached an agreement to acquire substantially all the assets of Gator Leasing, Inc., a full service truck leasing, commercial truck rental, and fleet services company headquartered in Miami, Florida. The acquisition is expected to be finalized in May and is subject to customary closing conditions.
"Gator Leasing has been a strong transportation service provider and respected competitor in Florida and we are pleased to have them become a part of Ryder," said Ryder Chairman and Chief Executive Officer Greg Swienton. "This acquisition is a key strategic milestone for us in expanding and strengthening our core competence in Fleet Management Solutions."
Per the terms of the transaction, Ryder will acquire Gator Leasing's truck fleet of approximately 2,300 full service lease and rental units and approximately 300 contract customers served by Gator Leasing from its nine locations in Florida.
"It is clear to me that Ryder is strongly committed to 'Continuous Customer Service Improvement' and is well positioned to provide our customers with the most comprehensive products and services available in the marketplace," said Gator President, James F. Hammel. "Gator is pleased to join such a well respected industry leader like Ryder."
About Gator Leasing, Inc.
Gator Leasing began more than three decades ago with three trucks and has grown to become the premier independent truck leasing company in Florida. Gator Leasing is a leading provider of full service leasing, contract maintenance services, dedicated contract carriage and commercial rental of trucks, tractors, and trailers to more than 300 customers. The company has nine facilities located throughout the state of Florida.
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder ranks 362nd on the FORTUNE 500(R) and 1,458th on the Forbes Global 2000. 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. 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
(305) 500-3668
Email Contact
David Bruce
(305) 500-4999
Email Contact
SOURCE: Ryder System, Inc.