Ryder – R – Acquires UK-Based Euroway Group Ltd.

Ryder System, Inc. (NYSE:R), a leader in commercial transportation and supply chain management solutions,  announced it has acquired independently owned and operated Euroway Group Ltd. based in Bedfordshire, England. Euroway is a commercial truck leasing, maintenance and fleet management provider serving primarily the southern part of the UK. The stock acquisition was completed on August 1, 2012.

“Ryder is always looking for opportunities to grow the business and expand our offering to better serve the needs of customers,” said Ryder Chairman and Chief Executive Officer Greg Swienton. “The acquisition of Euroway expands our expertise in maintenance and fleet management services in the UK, and strengthens Ryder’s commitment to serving current and future customers in this important market.”

The acquisition is expected to add approximately £12.8 million (approximately $20.2 million) in annual revenue to Ryder’s Fleet Management Solutions (FMS) business segment, and be modestly accretive to comparable earnings this year. The acquisition adds approximately 1,400 vehicles, primarily medium and heavy duty, as well as trailers. The fleet includes 560 full service lease and more than 800 contract maintenance vehicles. The acquisition also encompasses the company’s workforce of 53 employees, including maintenance technicians, and three currently leased facilities in the UK.

David Hunt, Vice President and Managing Director, Fleet Management Solutions, Ryder Europe, said, “The acquisition of Euroway is a good fit with our ongoing investment and growth strategy. It is a widely respected and well run company that has grown substantially over the past 18 years through organic growth and acquisitions. The company has expertise in maintenance and fleet management services. Euroway’s solid base of contractual blue chip customers strengthens our position in a range of key markets, and at the same time, allows us to bring the benefits of Ryder’s expansive national network of locations and service offerings to Euroway’s existing customer base.”

About Euroway Group Ltd.

Headquartered in Bedfordshire, Euroway is a privately owned group of companies supplying specialist services to the road transport industry throughout the United Kingdom.

About Ryder Europe

Ryder’s European business was established in 1971 and has grown through acquisition and organic development into a sizeable force in transportation with a fleet of more than 25,300 trucks and trailers.

About Ryder – R

Ryder (R) is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.