Ryder to acquire two truck leasing companies
Logistics and transportation provider Ryder System Inc. said it has reached agreements to acquire privately held truck leasing and contract maintenance companies General Car and Truck Leasing System, Davenport, Iowa, and Ruan Leasing Co., Davenport, Iowa.
Ryder said it will acquire General's fleet of 4,000 vehicles and more than 700 customers by the end of the year.
Ruan has a fleet of about 6,800 vehicles and an additional 4,800 vehicles under contract maintenance serving more than 550 customers. The supply chain, logistics and dedicated contract carriage businesses of Ruan are not included in the transaction, which is expected to close at the end of the first quarter of 2004.
Ryder said the moves would strengthen its truck-leasing network in the Midwest and Southeast.