Ryder System announced that it has completed its previously announced acquisition of substantially all the assets of the full service leasing and rental business of Carmenita Leasing Inc., located in Santa Fe Springs, Calif. The acquisition, terms of which were not announced, 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 says it acquired Carmenita’s fleet of about 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 Jan. 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,” says Greg Swienton, Ryder chairman and chief executive officer. “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.”