The stock acquisition was completed Wednesday at a cash price of about '154 million (about $252 million).
'As we celebrate our 40th year of operating in the U.K., this significant acquisition underscores Ryder's commitment to serving current and future customers in this important market with a broader range of vehicles and expanded maintenance capabilities and infrastructure,' said Greg Swienton, Ryder chairman and chief executive officer, in a statement.
The acquisition is expected to add '90 million ($147 million) in annual revenue to Ryder's Global Fleet Management Solutions business segment, and be accretive to Ryder's earnings in 2011.
Once the transition and consolidation process has been fully completed, the combined Ryder and Hill Hire business will operate under the Ryder name. The acquisition adds:
' About 4,000 heavy duty vehicles, split evenly between contract hire (full service lease) and commercial rental.
' Ancillary equipment, including a large trailer fleet for contractual lease and rental.
' Hill Hire's 300 employees, including maintenance technicians.
' Thirteen vehicle maintenance facilities located throughout the United Kingdom.
'Hill Hire's heavy duty vehicle fleet, which comprises 60 percent tractors, complements our existing fleet, which consists primarily of light- and medium-duty trucks,' said David Hunt, Ryder's vice president and managing director for Fleet Management Solutions in Europe. 'Combined, we will be able to provide expanded fleet choices and value for customers with additional payload and vehicle specification options to further strengthen the Ryder offering.'
