SOURCE: Ryder System, Inc.

October 10, 2007 08:00 ET

Ryder Completes Acquisition of Pollock in Canada

MIAMI, FL--(Marketwire - October 10, 2007) - 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 Pollock NationaLease, one of Canada's largest privately owned commercial truck leasing and rental companies, as well as Pollock's transportation-based logistics operations.

The acquisition is expected to add approximately $43 million in annualized revenue, of which approximately 55 percent is related to commercial truck leasing and rental business, and 45 percent is related to the company's transportation-based logistics business. Ryder anticipates earnings improvement in future years resulting from synergies and operational improvements within the combined companies.

In the transaction, Ryder acquired Pollock's fleet of approximately 2,000 vehicles, six service locations, and nearly 200 contractual customers served by the Ontario locations of Sarnia, Windsor, London, Baden, and Milton, as well as the Moncton, New Brunswick location. Ryder expects to consolidate four overlapping locations from among the combined operations in order to upgrade and increase its capacity to serve customers. The combined network will operate under the Ryder name.

"We're pleased that Ryder's strong balance sheet and the improved financial position we have established over the past few years have enabled us to acquire a reputable company with a solid track record and strong commitment to serving customers," said Ryder Chairman and Chief Executive Officer Greg Swienton. "This acquisition strengthens our network and product offering in key markets, bringing a wide range of transportation and logistics solutions, expanded service locations, innovative technologies, operational efficiencies, and global resources to the Canadian 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 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