Ryder System Inc has agreed to purchase General Car and Truck Leasing System and Ruan Leasing Co, two privately held commercial truck leasing and rental companies that will increase its fleet by almost 11,000 vehicles.
General Car & Truck Leasing System has a fleet of 4,000 vehicles, and Ruan operates a fleet of 6,800 vehicles. The supply chain, logistics, and dedicated contract carriage businesses of Ruan are not included in the agreement.
Terms of the transactions were not disclosed, but according to Ryder, the General deal should be finalized by January 1 and the Ruan deal should be completed before first-quarter 2004 ends.
Ryder, a truck leasing and and transportation management group, also forecast that its 2004 earnings would be $2.35 to $2.45 a share, which would be a 13% to 20% climb from 2003's earnings.