SOURCE: Ryder System, Inc.

August 06, 2008 17:05 ET

Ryder Agrees to Acquire Philadelphia-Based Gordon Truck Leasing

MIAMI, FL--(Marketwire - August 6, 2008) - 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 Gordon Truck Leasing, a full service truck leasing, commercial truck rental, and fleet services company headquartered in Philadelphia, Pa. The acquisition is expected to be finalized later this month and is subject to customary closing conditions.

"Gordon Truck Leasing is a high quality and well-managed transportation service provider with a strong reputation in the metropolitan Philadelphia area," said Ryder Chairman and Chief Executive Officer Greg Swienton. "We are pleased to be able to add new customers to our existing locations, as well as provide them with the additional services and solutions for which Ryder is recognized in the industry."

Per the terms of the transaction, Ryder will acquire Gordon's fleet of approximately 430 full service lease units, 45 rental units, and 35 held-for-sale units and approximately 130 contract customers of Gordon Truck Leasing currently served by its five locations in the Philadelphia market.

"Ryder has been a reputable market leader for 75 years supporting more than 16,000 customers globally," said Drew Gordon, President and Owner of Gordon Truck Leasing. "Ryder will be able to provide Gordon's customers with new resources, increased product offerings, and a large network of service locations which will help customers grow in the competitive marketplace."

                            About Gordon Truck Leasing

Founded in 1978, Gordon Truck Leasing, based in Philadelphia, Pa., provides customized truck leasing and transportation programs specifically tailored to its customers' needs. For more information, visit www.gordonleasing.com.

                                  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® 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.

Contact Information