Mitsui takes Penske stake

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Transport Topics / March 19, 2015

Japan’s Mitsui & Co. has acquired a 20% stake in Penske Truck Leasing Co. from General Electric Capital Corp.

GE will continue to own a 29.9% limited partnership interest in Penske, which said the deal will not affect Penske Corp.’s management and control of the company, as Penske Corp. will continue to own a 50.1% interest.

“Since 2001, Mitsui has been a valuable strategic partner, supporting the development and global expansion of Penske’s businesses,” Penske Corp. Chairman Roger Penske said. The “investment in PTL further strengthens our long-term relationship with their organization.”

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And then 4 days later..............

Penske Logistics to Acquire Transfreight North America

Transport Topics / March 23, 2015

Penske Logistics said it reached agreement to buy third-party logistics firm Transfreight North America from Mitsui & Co.

Terms were not disclosed.

Transfreight North America operates from 27 locations across the Midwest, Canada and Mexico, with headquarters in Erlanger, Kentucky, and in Kitchener, Ontario, Canada.

“The Transfreight and Mitsui management teams have built a well-run and respected business over the last 27 years,” Penske Logistics President Marc Althen said in a statement.

“Customers from both companies will benefit from the strengths of the combined organization’s industry expertise, technological capabilities, and the breadth of supply chain and logistics solutions,” he said.

Mitsui last week bought a 20% investment in Penske Truck Leasing from General Electric Capital Corp.

“Under [Penske’s] leadership, we are confident that Transfreight North America will be able to deliver an excellent customer experience leveraging on its operational focus,” said Tatsuo Yasunaga, COO of Mitsui’s integrated transportation systems.

The companies said they expect the deal to be completed in the next 30 to 45 days.