Ryder Completes Acquisition of Carmenita Leasing in California (R)

Ryder System R has completed its previously announced acquisition of substantially all the assets of the full service leasing and rental business of Carmenita Leasing, located in Santa Fe Springs, California. The acquisition is expected to be accretive to earnings in 2011 and will operate as part of Ryder's Fleet Management Solutions business unit. In the transaction, Ryder acquired Carmenita's fleet of approximately 189 full service lease and rental units, serving 58 contract customers. Ryder has assumed and will transition its operations to the Carmenita Santa Fe Springs facility on or around January 20, to ensure ongoing service to customers, while Ryder's existing Santa Fe Springs location closes as a result of a freeway expansion project. “We are fortunate to be in a solid financial position to acquire a quality company like Carmenita,” said Ryder Chairman and Chief Executive Officer Greg Swienton. “We look forward to welcoming Carmenita's customers to Ryder and enhancing our ability to service our existing customers and new customers in this important market.”