MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in transportation and supply
chain management solutions, today announced it has completed the
acquisition of the lease, rental and maintenance portfolio of B.I.T.
Leasing Inc. (BIT), a privately owned, 58-year-old full service truck
leasing and fleet services company headquartered in Hayward, California.
The acquisition was completed in two phases; the first phase completed
in August 2010 and the final phase completed in March 2011.
The acquisition is expected to add approximately $9 million in
annualized operating revenue to Ryder’s Fleet Management Solutions
business segment and be accretive to earnings in 2011. Ryder anticipates
additional earnings in future years due to synergies and operational
improvement within the combined organizations.
Ryder acquired BIT’s fleet of approximately 364 full service lease, 121
rental, and 72 contract maintenance units serving 131 contract customers
from BIT’s service locations in Rohnert Park, Hayward, San Jose, and
Watsonville. Ryder began operation at BIT’s former Rohnert Park location
in December. Customers who were being serviced from BIT’s former
locations in Hayward, San Jose, and Watsonville will now be served by
one of Ryder’s six existing locations in the Bay area. BIT’s existing
dealership business will continue to operate as Bayshore International
Trucks, Inc.
“BIT is a well-managed, quality transportation service provider with a
very solid reputation in the San Francisco Bay area,” said Ryder
Chairman and Chief Executive Officer Greg Swienton. “We are pleased to
be able to welcome new quality customers to Ryder’s Fleet Management
business in the western U.S. We look forward to providing them with
continuing high levels of personalized service, and additional services
and solutions for which Ryder is recognized in the industry.”
“Ryder has been a reputable market leader for nearly eight decades
supporting more than 15,000 customers,” said Craig Peterson, President
and CEO of Bayshore International Trucks. “Since the completion of phase
one in August, Ryder has done an outstanding job servicing customers,
which gives me great confidence in their ability to continue providing
outstanding service to our remaining lease customers. I am also pleased
that Ryder will be able to provide BIT’s customers with new resources
and increased product offerings, including insurance and fuel, which
will help them grow in the competitive marketplace.”
About Ryder
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 but not limited to
statements concerning the anticipated impact of the acquisition on our
business operations, future revenue and earnings and our integration
plans relating to services and customers. 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 our ability to integrate the
acquisition as projected, achieve planned synergies and retain customer
levels, as well as 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.
Source: Ryder System, Inc.