MIAMI, FL, Sep 03, 2008 (MARKET WIRE via COMTEX News Network) -- Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, today announced the completion of its previously announced acquisition of substantially all the assets of the full service truck leasing, commercial truck rental and contract maintenance businesses of Gordon Truck Leasing in Philadelphia, Pa.
The acquisition is expected to add approximately $11 million in annualized operating revenue to Ryder's Fleet Management Solutions business unit. Ryder anticipates future earnings improvement due to synergies and operational improvements within the combined companies.
In the transaction, Ryder acquired Gordon's fleet of approximately 430 full service lease units, 45 rental units, and 35 held-for-sale units, serving 130 contract customers. Ryder will continue to operate Gordon's primary multi-customer maintenance location in Philadelphia, as well as three additional single-customer maintenance locations in Bensalem, Pa., Beverly, N.J., and Philadelphia, Pa. Customers previously served by Gordon in the remaining two overlapping facilities will be consolidated into and served by Ryder's nearest existing locations. The combined network will operate under the Ryder name.
"This acquisition will further strengthen Ryder's leadership position in Philadelphia, and will help contribute to the growth of our Fleet Management Solutions business," said Ryder Chairman and Chief Executive Officer Greg Swienton. "We look forward to welcoming Gordon's customers to Ryder and enhancing our ability to serve new customers in this important market."
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 371st on the FORTUNE 500(R) and 1,631st 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.
Contacts:
Media:
David Bruce
(305) 500-4999
Lisa Hagen
(305) 500-3668
Investor Relations:
Bob Brunn
(305) 500-4053
SOURCE: Ryder System, Inc.