SOURCE: Ryder System, Inc.

Ryder System, Inc.

December 16, 2010 17:05 ET

Ryder Agrees to Acquire California-Based "The Scully Companies, Inc."

Acquisition Includes Fleet Management and Dedicated Contract Carriage Services

MIAMI, FL--(Marketwire - December 16, 2010) - Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today announced that it has reached an agreement to acquire the full service lease, contract maintenance, commercial rental and dedicated contract carriage businesses of The Scully Companies, Inc. Scully has been in business for 29 years and is headquartered in Fontana, California. The acquisition is expected to be finalized in late January and is subject to customary closing conditions. 

"Scully is a well-run and highly respected organization in California and other western states and we are honored to have them become part of Ryder," said Ryder Chairman and Chief Executive Officer Greg Swienton. "This acquisition is a key milestone for us as it significantly expands our current presence in Fleet Management Solutions in key Western U.S. states, as well as increases our customer base in the retail vertical for Dedicated Contract Carriage services." 

Per the terms of the agreement, Ryder will acquire Scully's fleet management business consisting of approximately 1,800 full service lease units and 300 rental vehicles, and approximately 200 contract customers primarily served from its six service facilities. These include California locations in Fontana, Sacramento, City of Industry, Montebello, Hayward, and a location in Phoenix, Ariz. Ryder will also acquire Scully's dedicated contract carriage business, including customers served from 25 locations throughout the western United States. 

"We personally selected Ryder as the only company to whom we would sell. They are a world class organization that is well positioned and committed to providing our customers with the most comprehensive products and services available in the marketplace and our employees with the best employment options," said Scully President, Stephen Scully. "We are pleased to become part of such a well-respected industry leader like Ryder."  

 About The Scully Companies, Inc.

Headquartered in Fontana, California, The Scully Companies conduct business through two operating units -- Scully Transportation Services and Scully Distribution Services. Scully Transportation Services is a leading provider of full service truck leasing and short-term rental of commercial vehicles, as well as a provider of maintenance services throughout the western United States. Scully Transportation operates from six service locations in California, as well as in Phoenix, Arizona. It maintains a fleet of 2,100 full service lease and rental units. 

Scully Distribution Services provides dedicated contract carriage services to customers from 25 locations throughout the western United States. Scully Transportation Services is ranked in the top 50 logistics firms by Transport Topics magazine. 

About Ryder

Ryder is a FORTUNE 500® commercial transportation, logistics and supply chain management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Inbound Logistics magazine has recognized Ryder as the top third party logistics provider and Security magazine has named Ryder one of the top companies for security practices in the transportation, logistics, supply chain, and warehousing sector. Ryder is a proud member of the American Red Cross Annual Disaster Giving Program, supporting national and local disaster preparedness and response efforts. 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 terms and timing of the acquisition and statements concerning integration, customers and services. 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.

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