SOURCE: Ryder System, Inc.

May 12, 2008 17:40 ET

Ryder Completes Acquisition of Gator Leasing in Florida

MIAMI, FL--(Marketwire - May 12, 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 Gator Leasing, Inc., a privately owned full service truck leasing, commercial truck rental and fleet services company headquartered in Miami, Florida.

The acquisition is expected to add approximately $35 million in annualized operating revenue to Ryder's Fleet Management Solutions business unit and be slightly accretive to earnings in 2008. Ryder anticipates additional earnings improvement in future years due to synergies and operational improvements within the combined companies.

In the transaction, Ryder acquired Gator's fleet of approximately 1,475 full service lease, 650 commercial rental, and 150 held-for-sale units, serving 300 contract customers. Ryder acquired four of Gator's nine Florida operating locations, two of which are in Miami, as well as Riviera Beach and Orlando. Customers previously served by Gator in the remaining five overlapping facilities will be consolidated into and served by Ryder's nearest existing locations. The combined network will operate under the Ryder name.

"For more than three decades, Gator has been a well-regarded company with sound management, a talented workforce, and a reputation for serving its customers," said Ryder Chairman and Chief Executive Officer Greg Swienton. "We are fortunate, due to our strong financial position, to acquire a company of the caliber of Gator Leasing. We look forward to strengthening our network and bringing new approaches, innovation, and additional service offerings to the combined Ryder organization and our customers."

                                  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

  • Contacts:

    Media:
    David Bruce
    (305) 500-4999

    Lisa Hagen
    (305) 500-3668

    Investor Relations:
    Bob Brunn
    (305) 500-4053