SOURCE: Ryder System, Inc.

January 14, 2008 08:00 ET

Ryder Completes Acquisition of Lily Truck Leasing in Northeast U.S.

MIAMI, FL--(Marketwire - January 14, 2008) - 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 Lily Transportation Corp., a Northeast U.S. regional transportation services company based in Needham, Mass.

The acquisition is expected to add approximately $30 million in annualized revenue to Ryder's Fleet Management Solutions business unit. Ryder anticipates the acquisition will be immediately accretive to earnings due to synergies and operational improvements from the consolidated businesses.

In the transaction, Ryder acquired Lily's fleet of approximately 1,500 full service lease units serving 240 contract customers. Ryder also acquired approximately 80 commercial rental units. Ryder acquired three of Lily's 11 multi-customer operating locations (in Roxbury, Mass; Newark, N.J.; and Concord, N.H.), as well as three additional single-customer maintenance locations (in Carteret, N.J.; Boston, Mass.; and Woodbridge, N.J.). Customers previously served by Lily in the remaining eight overlapping facilities will be consolidated into and served by Ryder's nearest existing locations. The combined network will operate under the Ryder name.

"Lily has been a well-managed company with a strong reputation in the Northeast U.S.," said Ryder Chairman and Chief Executive Officer Greg Swienton. "We are pleased to be able to strengthen our network and add new customers to our existing locations. We will also be able to provide these new clients with additional resources and increased product offerings, including insurance and supply chain solutions, which will help them grow and compete in today's marketplace."

                                  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 362nd on the Fortune 500 and 1,458th 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, including, without limitation, statements concerning the expected revenue and earnings impact from the acquisition, integration plans, and positive impact on our product offerings, business, and operations. 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 changes in market and economic conditions particularly in Canada, loss of key customers, our ability to create and benefit from synergies and operational improvements, and 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

  • Contacts:
    Media:
    David Bruce
    (305) 500-4999

    Lisa Hagen
    (305) 500-3668

    Investor Relations:
    Bob Brunn
    (305) 500-4053